Another week where we’re seeing gains for bitcoin and losses in the altcoin market. Bitcoin continues to advance and is now quoted at $729, $12 dollars above the price recorded two days ago. Ether on the other hand is down over 23 percent in the past ten days while DSH/BTC is down slightly more at 25 percent.
Ether Drops Over 23 Percent
Ether dropped 23.6% against bitcoin in the past ten days. On October 25th prices broke down below the 0.018 important support and it’s been downhill ever since, as you can see on the chart below.
We’re now trading at 0.01460, significantly below the 0.01913 price seen two weeks ago. Ether is in between two important levels at 0.015 and 0.01332. The first one of these levels is a weak resistance while the last one marks the lowest low during the current downtrend. Slightly below here at 0.0123 we have more support. A break below here could see us testing the round level at 0.01 BTC.
To end the current downtrend the bears will have to push ETH/BTC back above the 0.018 former support, now turned resistance. But a new uptrend requires a break of the 0.02024 swing high as well. Higher still more resistance can be found at the 0.02228 swing high followed by 0.024 and 0.02610 BTC. On the weekly charts Ether is still range-bound.
More Losses for Dash
Dash has been in a long downtrend for the past few months. During this time we saw prices fall from the 0.031 August high to as low as 0.01116 few days ago. Since our last update two weeks ago, DSH/BTC has fallen by 25 percent, from 0.01623 to 0.01235 at the moment.
The downtrend is still firmly in place. In order to end it, Dash has to climb above the 0.01553 swing low. Below current prices support can be found at this month’s low at 0.01116 closely followed by the 0.01 round figure.
On the upside we have potential resistance at the former support levels of 0.01267 (weak), 0.01389, the 0.015 round figure and 0.01822. It’s hard to say how much validity any of these levels will have on the way up. As you can see on our chart above, on the way down Dash sliced through them like a hot knife through butter.
FXOpen offers the world's most popular cryptocurrency CFDs*, including Bitcoin and Ethereum. Floating spreads, 1:2 leverage — 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.