Ether Loses Momentum, Dash Up

FXOpen

Ether has lost the upward momentum versus BTC. While a new swing high was made today, the coin has made meager gains in the past two weeks.

Ether Loses Momentum

Ether prices have lost the positive momentum vs bitcoin. We are currently quoted at 0.08414 BTC, below the highs hit back on May 6th.

ethbtcdaily-may17-copy

Nonetheless, ETH/BTC remains in an uptrend on the daily charts. To end it the bears will have to make a decisive push below the 0.07703 BTC swing low. A breakdown below 0.07413 BTC is needed for a new downtrend.

Higher up there’s weak resistance above the 0.085 BTC round figure. This is followed by 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 range-bound. The trend is bullish on the monthly charts, which take a longer time to turn.

Dash Slightly Higher

Dash is trading slightly higher compared to our last update. We are quoted at 0.04945 BTC at the moment, up by close to 7 percent.

dshbtcdaily-may17-copy

Still, the downward trend on the daily charts is not yet broken. For that we will need a decisive breakout above the new swing high at 0.05161 BTC. A breakout above 0.05437 BTC is needed for a restart of the rally. On the longer-term weekly charts DSH/BTC is also range-bound. The monthly charts are still looking bullish.

Bitcoin Down by 5 Percent

Bitcoin is down by close to 5 percent since our last article two days ago. We are trading at $8,260 dollars right now, compared to $8,683 on Tuesday. The end of the Consensus conference yesterday may lead to some traders closing their speculative longs and thus exacerbating the losses.

For BTC/USD the trend on the daily charts remains down. To end it we need to see a breakout above the $9,500 level. Support below can be found at around the $8,000 round figure. Yesterday we bottomed out close to here at $8,094 dollars. Further down we have the $7,821 dollars swing low. A strong support area below can be found in the $6,420 to $6,600 dollars range. This is where we bottomed out during the last major selloff. A move below could open the door for a break of the year’s low at $5,980 dollars.

The bulls need to take us beyond $10,000 in order to trigger a new BTC rally. The situation for bitcoin on the longer-term charts is the same as the other two coins we covered today, range on the weekly and bullish on the monthly chart.

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

Bitcoin Price Losing Correlation with Stock Market Kiyosaki Predicts: Bitcoin at $350k in August 2024. Realistic? The Price of Ethereum Rises Ahead of SEC Decision Bitcoin Price Hits a Month's High, Breaking Key Resistance April Became the Worst Month for BTC/USD Since November 2022

Latest articles

Financial Market News

Weekly Market Wrap With Gary Thomson: S&P 500 Index, US Dollar, FTSE 100 Index, Gold Price

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.

  • S&P 500
Indices

European Stock Indices Decline Amid Political Uncertainty

Today, the Eurostoxx 50 index (Europe 50 on FXOpen) has dropped below the early May minimum, reflecting escalating market concerns over the upcoming French elections, as reported by Reuters. Finance Minister Bruno Le Maire's acknowledgment that the current political crisis

Forex Analysis

NZD/USD Exchange Rate Falls from Nearly 5-Month High

The NZD/USD exchange rate has dropped from its highest level in nearly five months. On Wednesday, following the release of US inflation data, the NZD/USD rate exceeded 0.6220 for the first time since 15 January 2024.

However,

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.