Dash lost a lot of the recent gains and is now on the verge of ending the rally. Ether on the other hand is still stuck in that range with bitcoin.
Another Range-bound Week for ETH
Another range-bound week for ETH/BTC. We are trading at 0.07143 BTC right now, down from 0.07304 last week. This is a drop of only 2 percent, small amount for a crypto-currency pair.
On the news front things are looking ‘rangey’ as well. The proposed Byzantium upgrade got postponed by 8 days to block 437,000,000. This is expected to happened on October 17th versus a previous date of October 9th. A malicious user attacked the Byzantium testnet filling entire blocks with spam contracts. Avoiding any further hiccups will be key for the ETH price going forward.
A breakout above the 0.0775 BTC per coin would start a new rally in ETH/BTC. Resistance above here can be found at the 0.08423 and 0.08621 swing highs. A clearing of this resistance area would push us closer toward the next important level at 0.09322 BTC.
On the lower end, the bears need a break below the 0.06626 swing low to start the downtrend. Support further down can be found at the 0.05875 swing low and the 0.05 round figure. The weekly chart is range-bound as well. The monthly chart is still showing an upward bias.
Dash Loses Gains
Dash lost most of the recent gains. It’s quoted at 0.08194 BTC, down from 0.09383 last week. In percentage terms, this is a decline of close to 13 percent. The pair is now sitting on important support around the 0.08 BTC round figure.
A decisive break below the 0.07982 swing low is needed to end the current rally. As usual we’re looking for a sustained move below these levels, not just a brief and shallow spike. A new downtrend in DSH/BTC needs a move below the 0.07 round figure.
On the upper end we have resistance at two most recent swing highs of 0.0943 and 0.0972 BTC. A clearing of these tops would open the door to the 0.1 BTC round figure. Higher up the all-time high at 0.1265 BTC is another notable price level. On the longer-term charts (both weekly and monthly) Dash is staying in rally mode.
Cryptocurrency trading with FXOpen broker
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 making your money go further 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.