Ether Slightly Up, Dash Range-bound

FXOpen

It’s a mixed bag this Thursday for Ether and Dash. While Ether is trading a bit higher since our update last week, Dash continues to range.

Ether Bounces From Lows

Ether prices versus bitcoin bounced from the 0.058 lows on FXOpen to 0.081 right now. The lows on other exchanges were around the 0.066 level.

ethbtcdaily-aug3-copy

Despite the bounce, however, we’re still in a downtrend on the daily charts. The bulls need a break above the 0.0844 swings high to end the current trend. A new rally requires a break of the 0.111 spike high as well. On the long-term weekly and monthly charts, ETH/BTC is still looking bullish.

Dash Range-bound

We haven’t done a Dash update in a while due to lots of developments in the bitcoin space. Nonetheless, you haven’t missed much as prices here are still in a range. On the chart below we can see that DSH/BTC spent most of the past two months stuck between 0.06 and 0.08134.

dshbtcdaily-aug3-copy

These remain as the two key levels for this pair. A decisive breakout above 0.08134 should start a new Dash rally. Note that, as usual, we’re looking for a sustained break of this price level and not just a brief and shallow spike above.

A new downtrend needs a break below the strong support at 0.06 BTC. This level got tested twice already (at 0.0606 and 0.0602) on the daily charts and held strong so far. A clean break below here could lead to more gains to the 0.05 round figure and even below. On the long-term charts, DSH/BTC is in rally mode as well.

Bitcoin Still in Uptrend

No crypto update is complete without big brother bitcoin. The number one crypto is still holding strong at $2,748, way above the potentially trend-ending level at $2,400. Not much has happened since our last update on Tuesday, with prices in ‘wait and see’ mode after the fork. We’re currently quoted higher by around 1% since then.

The key levels to keep an eye on are $3,000 on the upside and $2,400 on the downside. A decisive break below $2,400 would end the trend on the daily charts. On the other hand, a breakout above the $3,000 round figure could reignite the ‘FOMO‘ and lead to more gains. On the long-term weekly and monthly charts, BTC/USD is in a bullish trend.

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 Finds Support: Will It Last? 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

Latest articles

Forex Analysis

SNB Unexpectedly Lowers Interest Rate from 1.50% to 1.25%

Today, it was announced that the Swiss National Bank (SNB) decided to lower the interest rate to 1.25%. According to ForexFactory, the analyst consensus had expected the rate to remain at 1.50%, making this decision a surprise.

According

Cryptocurrencies

Bitcoin Finds Support: Will It Last?

The well-known (but anonymous) analyst known as PlanB predicted that Bitcoin's price will reach $150,000 by the end of this year and $800,000 by 2025. How realistic is this?

Analyzing the long-term BTC/USD chart on May 16,

Forex Analysis

GBP Awaits Bank of England Verdict: Volatility Ahead?

GBP/USD

In the first half of the current trading week, the GBP/USD pair has confidently stayed above the significant range of 1.2700-1.2650, continuously attempting to resume its upward trend. Today, everything could change. Depending on the

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.