Ether, Dash Mostly Range-bound

FXOpen

Ether and Dash have traded mostly range-bound during the previous two weeks. Ether is up by 1.8 percent since our previous update while Dash is down by 2.5 percent.

Ether Slightly Higher

Ether is quoted at 0.03972 right now, from 0.039 flat in our previous ETH article. In percentage terms, this is a move of only 1.8 percent. This is a very low price change for two weeks in the crypto-world. It underscores the current neutral state of ETH/BTC.

ethbtch1-apr20-copy

On the price chart above you can see a large 10% spike down that happened in early morning trading today. It appears that this was a market order gone wrong or a fat finger mistake. The initial crash was retraced by 5% almost instantly and the price is now down by only 2.5 percent on the day.

To start a new rally the bulls will have to push ETH above the 0.05 round figure. On the lower end the number ‘to beat’ is this month’s low at 0.03383. A decisive breakdown below here could start a new downtrend for Ether. Above here the prior swing highs at 0.0469 and 0.436 BTC could provide some resistance, as well as at the 0.0456 swing low. While the daily trend shifted in neutral, the weekly and monthly charts remain bullish for ETH/BTC.

Dash Drops by 2.5 Percent

Dash traded as low as 0.04771 since our last update. Since then the coin bounced a bit and is trading at 0.05869 BTC right now. It appears that Kraken adding it to its exchange provided a bit of a bump here. Prices advanced over 20 percent on that day. But the current price level is still down from 0.06018 two weeks ago. This is a drop of 2.5 percent. Nothing major but it continues the already established downtrend in this crypto-currency.

dshbtcdaily-apr20-copy

However, DSH/BTC is nearing a level which may end the current trend. A decisive breakout above the 0.067 BTC level could end the downtrend. A move above 0.075 is needed to start a new uptrend.

On the lower end, support can be found at the 0.05 BTC round figure, followed by a stronger level at the 0.04825 swing high and 0.04177, last month’s low for DSH/BTC. We have more support bellow here at 0.315, 0.02879 and 0.02478 BTC. The breakout point for the previous rally at 0.0175 now acts as a support to falling prices. While the daily trend is still bearish, the weekly and the monthly charts remain in bullish mode.

Start trading crypto currency markets today with FXOpen.

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

BTC/USD Analysis: New High for the Year Shows Bulls Are Indecisive Market Analysis: Results of Black Friday in Financial Markets BTC/USD Analysis: Bulls Preparing New Assault on 37,500 Level? BTC/USD Analysis: Bears Aggressively Defending 37,500 Level BTC/USD Analysis: JP Morgan Analysts Warn of a Possible Correction

Latest articles

Financial Market News

Weekly Market Wrap With Gary Thomson: EUROPEAN CURRENCIES, US GDP NEWS, OPEC+, NATURAL GAS PRICES

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. European Currencies at Strategic

Forex Analysis

EUR/USD, GBP/USD, and USD/JPY Analysis: US Dollar Growing Against Euro and Pound

The US personal consumer spending price index rose 3% in October from a year earlier, down from the three-month rate of 3.4%, although still above the Fed's 2% target, raising the possibility of an early rate cut. Jobless claims

Indices

Market Analysis: UK100 Shows Bullish Signs

On the morning of Friday, December 1, the UK stock market index rose to its November highs. This was facilitated by the fundamental background: → among the UK100 growth leaders are shares of companies mining ore and other resources. As metal

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.