Dash, Ether Double in Price

FXOpen

Both Dash and Ether more than doubled in price since our update 14 days ago. One Dash is now selling for 0.096 BTC or over $100 a piece.

Dash Hits Over $100 Per Coin

Dash prices hit the 100 mark versus the US Dollar last week. We are currently trading at $103 dollars per coin. The move has been equally violent in the DSH/BTC pair we follow, with prices surging to a high of 0.01265 on March 18th before crashing down to a low of 0.08024 BTC few days later.

dshbtcdaily-mar23-copy

That large correction didn’t take out any important support levels thus the trend remains up. To end it, the bears will have to push Dash back below the 0.058 swing low. Above here support can be found near the 0.08 BTC area, while obvious resistance is the 0.1 BTC round figure. Further up we have one more potential resistance at the 0.01265 BTC swing high. But because we’re trading near all-time highs, above here no more levels can be found.

A breakdown below 0.315 is needed to switch the trend from up to down. Below here we have two untested support levels at the 0.02879 swing low and 0.02478. The breakout point for the current rally at 0.0175 should now act as support as well. All three trends for DASH (short-term, medium-term and long-term) continue to point upward.

Ether Doubles in Price

Ether is currently trading at 0.04017 BTC per coin, more than doubled from the 0.0147 price noted in our previous article. Back then we said that ETH/BTC is back in bullish territory. This remains to be true until we get a decisive break below the 0.02 round figure. A move below 0.014 is needed to start a new Ether downtrend.

ethbtch4-mar23-copy

On the upper end, we have some resistance at the 0.0469 and 0.436 swing highs while below there is support at 0.034, last year’s high for this pair. Lower still there are weaker support levels at 0.0324 followed by the 0.031 swing low and the 0.03 round figure. All three trends for Ether (short-term, medium-term and long-term) are bullish as well.

What we wrote in our previous update about Dash now applies to Ether as well. While the trend is undoubtedly up unless you’re already long from a lower base finding a good entry here will be difficult. Volatility in ETH/BTC, as measured by the 14-day Average True Range, is up from 0.0006 at the start of this month to 0.0058 right now, a near ten-fold increase. This means that stops must be placed much further away to avoid getting shaken out by the volatility. This, in turn, translates into a lower trading size and thus lower potential returns.

FXOpen offers the world's most popular cryptocurrency CFDs*, including Bitcoin and Ethereum. Floating spreads, 1:2 leverage, 30% margin call, 0.01 lot minimum transaction size with no maximum — at your service. Open your trading account now or learn more about crypto CFD trading with FXOpen.

*At FXOpen UK and FXOpen AU, Cryptocurrency CFDs are only available for trading by those clients categorised as Professional clients under FCA Rules and Professional clients under ASIC Rules respectively. They are not available for trading by Retail clients.

This article represents the opinion of the Companies operating under the FXOpen brand only. It is not to be construed as an offer, solicitation, or recommendation with respect to products and services provided by the Companies operating under the FXOpen brand, nor is it to be considered financial advice.

Latest from Cryptocurrencies

Bitcoin Cash Analysis: Promising Resistance Breakout Cryptocurrency Prices Rise on SEC Rumours Market Analysis: Bitcoin Sets September High BTC/USD Analysis: Bulls Lose Progress Amid SEC Defeat Bitcoin Trading Volumes Fell to a Minimum of 4 Years

Latest articles

Financial Market News

Weekly Market Wrap With Gary Thomson: Inflation, EUR/USD, S&P 500, OIL

Get the latest scoop on the week's hottest headlines, all in one convenient video. Join Gary Thomson, the COO of FXOpen UK, as he breaks down the most significant news reports and shares his expert insights. Inflation Still Dogs the

Forex Analysis

Market Analysis: Dollar Falls from 10-month High

EUR/USDThe euro rose on Thursday as the dollar retreated since investors remained cautious ahead of key inflation figures due on Friday. Data on Thursday showed the US economy maintained fairly strong growth in Q2, with an unrevised annual rate

Indices

US 30 Analysis: Dow Jones Finds Support

September is likely to be the second month in a row that the Dow Jones (US 30) stock market index declined. The last time this happened was... also in September, a year ago. Important economic data was published yesterday: → According

CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 60% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you understand how CFDs work, and whether you can afford to take the high risk of losing your money.