More Losses for Ether, Dash Breaks Support

FXOpen

While bitcoin is making new multi-year highs, the rest of the altcoin market is not doing so great. After a brief respite at the start of the month, Ether is back to making new lows on a daily basis. Dash has joined the selling party by breaking below the important support at 0.011 BTC.

More Losses for Ether

Ether investors can’t catch a break. The crypto is down almost 26 percent in the past two weeks. Out of 28 trading days this month, so far only 10 days have closed in the green, with only 3 of those making sizable gains. As you can see on the chart below, this downtrend has been unrelenting.

More Losses for Ether, Dash Breaks Support

Yesterday we hit a new multi-month low at 0.0073, breaking below the previous monthly low at 0.00775. We have since bounced back slightly and ETH/BTC is quoted right at 0.00775. Naturally this tiny bounce is not enough to end the current trend. For that the bulls will have to break above the 0.01 round figure.

A new uptrend requires a breakout above the 0.01152 swing high as well. More resistance on the upside can be found at 0.01332, closely followed by the 0.01382 swing high and the 0.015 round figure.

On the lower end, we have some resistance at the former monthly low at 0.00775 BTC. We haven’t quite cleared this level yet, despite a break of it few days earlier. The semi-round figure at 0.05 may lend some support as well.

Dash Falls After Failed Breakout

Dash prices failed to rally above the monthly high at 0.01251. While initially DSH/BTC saw some tentative gains of 6 percent, the move higher quickly fizzled out, as can be seen below.

More Losses for Ether, Dash Breaks Support

Only three sharp down days later and Dash broke below the monthly low at 0.011, thereby confirming a new downtrend. We haven’t made much progress on the way down either, with prices now quoted at 0.01033. Below here we have support at the 0.01 round figure. This level was confirmed as support with a bounce at 0.01003 on December 23rd. A decisive breakdown below it could exacerbate the losses.

A break of the new monthly high at 0.01332 is needed to switch the trend from down to up. Above here we find resistance levels at 0.014 and 0.01489 BTC. These are closely followed by more resistance at the 0.015 round figure and the former September lows at 0.01741 BTC.

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.

*Important: At FXOpen UK, Cryptocurrency trading via CFDs is only available to our Professional clients. They are not available for trading by Retail clients. To find out more information about how this may affect you, please get in touch with our team.

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.

Stay ahead of the market!

Subscribe now to our mailing list and receive the latest market news and insights delivered directly to your inbox.

forex

Crypto CFD Trading with FXOpen

Crypto CFD Trading with FXOpen

Experience ECN technology for deep liquidity and light-speed trade execution

  • Access over 40 markets 24/7
  • Trade with tight spreads and low commissions
  • Choose from 3 trading platforms: MT4, MT5, or TickTrader
Learn more

Latest articles

Forex Analysis
Financial Market News
Forex Market Insights

AUD/USD Consolidates Gains While NZD/USD Dips

AUD/USD is consolidating gains near the 0.6420 zone. NZD/USD is trimming gains and struggling to stay above the 0.5945 pivot zone.

Important Takeaways for AUD/USD and NZD/USD Analysis Today

· The Aussie Dollar started a

An Important Bullish Pattern Forms on the NIO Share Price Chart
Shares

An Important Bullish Pattern Forms on the NIO Share Price Chart

Today, the share price of NIO Inc. (NIO), a Chinese manufacturer of "smart" electric vehicles, is trading above $4 – a development that may be viewed as an optimistic scenario following the drop to $3 in the first half of April,

S&P 500 Chart Analysis Ahead of the Busiest Week of Earnings Season
Indices

S&P 500 Chart Analysis Ahead of the Busiest Week of Earnings Season

Despite the fact that President Trump’s earlier decision to impose tariffs (at higher rates than expected) shook the stock markets, the S&P 500 index (US SPX 500 mini on FXOpen) could still end April without significant losses

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.