Ether in Downtrend After Major Losses


It’s been tough two weeks for Ether. Since our last update, the fledgling crypto-currency lost over 26 percent versus bitcoin and even more versus the US Dollar.

Ether in Downtrend After Losses

After the recent large losses, ETH/BTC is now in a downtrend. The altcoin lost close to 30 percent versus the US Dollar and 26 percent versus bitcoin.


Support on the way down can be found at this month’s low of 0.07574, followed by the 0.0631 swing low and the 0.05 round figure. On the way up we have resistance at the 0.10 round figure. A clean breakout above 0.11 BTC would end the current downtrend. A move above the 0.1259 swing high is needed for a new rally. On the long-term charts (weekly and monthly) ETH/BTC remains in a bullish trend.

Fundamentally no major news transpired during the past few weeks. It’s possible that the flurry of ICOs during June is now leading to selling pressure. Two major ICOs, Status and Tezos, stated that they plan to sell the acquired Ether, albeit at a gradual pace.

Another Unsuccessful Breakout in Dash

Dash Prices are back in a range after yet another unsuccessful breakout, the third one in a row. On July 6th DASH/BTC peaked to a high of 0.08697. Three days later a low of 0.06674 was hit. We are currently quoted somewhat in the middle at 0.07285 BTC per coin.


A new rally requires a decisive breakout above the high at 0.087 BTC. Yes, we already had 3 failed attempts to go higher. But with each failed test we get closer to a potential trend starter. For us, it doesn’t matter which way the market moves. A break below the 0.0606 swing low would start a new downtrend while a move above 0.08748 could start an uptrend. In either case, following the market should pay off over the long-haul. On the long-term charts, Dash/BTC is looking bullish as well.

Bitcoin Remains in a Range

A crypto update is not complete without mentioned big brother. Bitcoin is still stuck in a range on the daily charts. The two levels to watch are $2,245 on the downside and $2,700 on the upside. A clean break above either of these price extremes could start a new trend lower/higher. On the long-term charts, BTC/USD is in rally mode, just like ETH/BTC and Dash/BTC.

You can always trade cryptocurrencies with FXOpen broker.

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.

Latest from Cryptocurrencies

Ethereum Price Falls after Exceeding $3,000 Ethereum Price Exceeds $2,800 Bitcoin Price Exceeds Psychological Level of $50k Bitcoin Recovers to January 11 Prices When ETFs Were Approved A Major Network Outage in Solana Had Little Impact on the SOL/USD Exchange Rate

Latest articles

Forex Analysis

Commodity Currencies Strengthen after the FOMC Minutes Publication

The fundamental data of recent trading sessions contributed to a slight strengthening of commodity and European currencies. Thus, the AUD/USD pair, after forming a bullish engulfing combination, managed to confidently gain a foothold above 0.6500. The pound/US

Forex Analysis

EUR/USD Analysis: Euro Showing Signs of Strength

Today news was published about the values of PMI indices for European economies. Data from France was encouraging: → French Flash Manufacturing PMI: actual = 46.8, expected = 43.5, a month ago = 43.1; → French Flash Services PMI: actual = 48.0,


NVDA Share Price Soars 11% after Report

The signs of concern we wrote about yesterday have largely subsided. After three days of declines, the price of E-mini Nasdaq 100 futures bounced off the lower boundary of the channel (see yesterday's chart) and rose, led by NVDA stock.

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. 65.68% 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.