Ether, Dash Surge Higher

FXOpen

Both Ether and Dash surged higher as a bullish sentiment from bitcoin spread all over the crypto market. The two altcoins are trading substantially higher compared to one week ago, with ETH up by 15% vs BTC while Dash is up by 18 percent.

Ether Ends Downtrend, Surges Higher

The downtrend for ETH/BTC on the daily charts is finally over as prices bust through the 0.06030 BTC swing high. Earlier today a high of 0.07080 was hit, over 35% recovery from the 0.05240 BTC lows.

ethbtcdaily-apr20-copy

We are currently in an uptrend. Higher up there’s weak resistance at 0.07080 BTC followed by a stronger level at 0.07170 BTC. More resistance above can be found at the 0.07614 BTC former low and the 0.08 round figure. The bears need a break below the 0.05240 BTC lows to end the rally. A move below here would also re-start the downtrend. A decisive clearing of the 0.05 BTC round figure would exacerbate the losses. On the longer-term weekly charts ETH/BTC is still range-bound. The monthly is keeping the bullish bias.

Dash Follow BTC Higher

Similarly to almost all altcoins, DSH followed big brother higher. Earlier today a high of 0.05297 BTC was hit, a gain of almost 30 percent from this month’s lows.

dshbtcdaily-apr20-copy

We are currently in rally mode on the dailies with prices quoted slightly below the highs at 0.05181 BTC. We have weak resistance higher up at 0.05297 BTC followed by the 0.05513 BTC spike low and the 0.056 BTC swing high. A decisive breakout above here could lead to more gains.

Below there’s some support around the 0.05 BTC round figure. However judging by how easy we broke this level to the upside it may not provide much protection during a downswing. A breakdown below this year’s low at 0.04077 BTC would both end the rally and start a new downtrend. On the longer-term weekly charts DSH/BTC is range-bound while the monthly chart is still in an uptrend.

More Gains for Bitcoin

Bitcoin continues to make gains and is now trading at $8,849 dollars. As noted in our previous article, with the breakout above $8,425 dollars the range is over and we’re back in a tentative bull market on the daily charts. The bears need a break of the $6,750 level to end the rally. Similarly to both ETH/BTC and DSH/BTC, bitcoin is range-bound on the weekly charts but bullish on the monthlies.

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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.

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