Ether in Range, Dash Still Down

FXOpen

The uptrend in ETH/BTC is finally over. With the most recent down move in crypto markets the pair entered a range during the past few days. Dash on the other hand is still in a bearish trend versus BTC.

Ether in Range

Ether prices are back in a range vs bitcoin on the daily charts. You can see this range marked with a yellow rectangle on the charts below. The pair dropped to a low of 0.07437 BTC earlier today during a bout of selling across the board. With a previous swing low at 0.07413 BTC, this formed somewhat of a double bottom.

ethbtcdaily-24may-copy

A clearing of this bottom would start a new downtrend in ETH/BTC. On the upside the bulls need a breakout above the most recent swing high at 0.08542 BTC. This could re-start the move higher. Resistance above can be found at the 0.08829 swing high and the 0.09 and 0.1 BTC round figures. A decisive breakout above here may open to door to this year’s high at 0.121 BTC. On the longer-term weekly charts Ether is also range-bound. The trend is bullish on the monthlies but these charts take a longer time to turn.

The major event today and the reason for selling in ETH and BTC was news that the U.S. Justice Department entered a criminal probe into crypto price manipulation. The article says that the investigation is focused on illegal practices that can influence prices such as spoofing, or flooding the market with fake orders to trick other traders into buying or selling. Bloomberg specifically lists BTC and ETH as some of the coin markets that are being investigated. This was probably the reason why the selling was concentrated in these two cryptos while some others fared better.

Dash Stays in a Downtrend

Dash prices are staying in a downtrend vs BTC. We are trading at 0.04528 right now, lower by 8.4 percent compared to last Thursday. To end the bearish trend the bulls still need a breakout above the latest swing high at 0.05161 BTC.

dshbtcdaily-may24-copy

Weak support below can be found at yesterday’s low of 0.04360, followed by the 0.04077 swing low and the 0.04 BTC round figure. A clearing of this support area could extend the losses. On the longer-term weekly charts DSH/BTC is range-bound. The monthly charts are still looking bullish.

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