Ether is trading lower versus bitcoin this week. The crypto has lost 12 percent to big brother since Monday as BTC is the preferred crypto this week. Dash on the other hand continues to trade in a range.
Ether Down 12 Percent
As we mentioned above, Ether is trading down by 12% since Monday. This move was enough to shift the uptrend in ETH/BTC to a downtrend.
A break above 0.1015 BTC swing high is needed to end this down move. A breakout of 0.121 BTC swing high would start a new rally in this pair. Below current prices we find support at the 0.0857 swing low, followed by another swing low at 0.0809 BTC. The 0.08 BTC round figure may also act as weak support. On the longer-term weekly and monthly charts ETH/BTC is still looking bullish.
Dash Still Range-bound
Dash is currently quoted at 0.06577 BTC and still trading in a range versus bitcoin. Unlike ETH which surged vs BTC, only to later surrender a large portion of those gains, things here have been much calmer.
The two key levels are now at 0.05513 BTC on the downside and 0.07343 BTC on the upside. A break of either of these price extremes could lead to a new trend lower/higher. For now we remain in ‘wait and see’ mode. Below current prices we find a support area in the 0.059 to 0.06 range. But a new downtrend may need a break of the 0.05513 BTC spike low. Further down the 0.05 round figure may act as support as well.
On the other end we have resistance at the 0.077 BTC swing high. Close to here we have another resistance at 0.08058 BTC. Higher still we find more resistance levels at 0.08572, 0.087 and 0.09099 BTC. The 0.1 round figure is another notable resistance point. Dash is range-bound on the weekly chart but bullish on the monthly chart.
Bitcoin Ends Downtrend
After a 80 percent rally from the $5,980 lows BTC/USD ended the downtrend and is now trading near the $11,000 mark. But the bulls are not out of the woods yet, as a new uptrend needs a breakout above the $12,161 swing high. No news can be pinned on the recent gains, it appears to be largely a technical bounce from oversold levels.
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.