More Losses for Ether, Dash Breaks Support


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.

*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


Bitcoin Price Losing Correlation with Stock Market

On May 17, Bloomberg reported that Bitcoin's price was highly correlated with tech stocks.

At that time, it was suggested that the leading cryptocurrency was perceived as a growth asset, influenced by:
→ the launch of Bitcoin ETFs;
→ expectations of Fed


S&P 500 Index Hits Record After Major News

Yesterday, significant news regarding US inflation was released. According to ForexFactory:
→ Year-on-year Consumer Price Index (CPI): actual = 3.3%, forecast = 3.4%, previous = 3.4%;
→ Month-on-month CPI: actual = 0.0%, forecast = 0.1%, previous = 0.3%;
→ Month-on-month Core CPI (excluding

What Are Upside and Downside Tasuki Gap Patterns?
Trader’s Tools

What Are Upside and Downside Tasuki Gap Patterns?

In the dynamic world of forex and CFD trading, the ability to recognise crucial chart patterns is essential for making informed decisions. Among the patterns frequently sought after by traders is the Tasuki Gap setup. This article delves into understanding

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.