Dash Breaks Down, Ether on Life Support

FXOpen

The relatively long stability in the crypto market ended yesterday when prices of all major coins tumbled. Bitcoin dropped by 5.6 percent, while ETH/BTC lost 10.6 percent and Dash closed down by 7.5 percent. Yesterday’s crash was enough to put Dash into a downtrend while Ether is flirting with the support around 0.03 BTC. A break of this level could put the coin back in a bear market.

Ether on Life Support

Ether prices dropped by over 10 percent yesterday to hit a low of 0.02946 BTC at one point but quickly bounced from here. A decisive breakdown below this level could re-start the downtrend in ETH/BTC. On the lower end we have weak support at the most recent swing low of 0.02620 BTC, followed by the December 2017 lows at 0.02287 BTC. The 0.02 round figure could also act as temporary support.

Dash Breaks Down, Ether on Life Support

To start a new rally the bulls need a breakout above the most recent swing high at 0.03617 BTC. Resistance higher up can be found in the 0.039 to 0.041 BTC area, followed by 0.04205 BTC and 0.04843 BTC. The round 0.05 milestone should also act as resistance to rising prices. On the longer-term charts ETH/BTC is bearish on the weekly but range-bound on the monthly charts.

Dash in Downtrend

With the break below 0.025 BTC yesterday DSH/BTC moved back in a downtrend. We are currently quoted at 0.02427 BTC, 2.9 percent below this level.

Dash Breaks Down, Ether on Life Support

Below there’s support at the most recent major swing low of 0.02079 BTC, followed by the 0.02 BTC round figure. The former spike high at 0.01744 BTC could also act as temporary support, going by the principle of resistance turning into support. The late 2016 lows around 0.01 BTC is the next major support level after this.

A breakout above 0.03 BTC would end the current bear market on the daily charts. A new uptrend however requires a break above the 0.03240 BTC swing high. Higher up we have some resistance at the prior swing low at 0.03452 BTC and the 0.035 BTC round figure. The July swing highs at 0.03852 BTC and 0.03930 BTC could also act as temporary resistance levels.

On the long-term charts there’s no change for Dash. The coin is still bearish on the weekly charts and neutral on the monthlies.

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 Recovered over the Weekend, But Market Anxiety Remains Correction in Crypto Markets: BTC/USD Rate Drops to $60,000 BTC/USD Analysis: Bears Have Become More Active Near the $70,000 Level Today Is an Ethereum Update. ETH/USD Is Above $4,000 After Updating the Historical High, the Price of Bitcoin Collapsed by 14%

Latest articles

Weekly Market Wrap With Gary Thomson: NIKKEI-225, USD/JPY, GBP/USD, USD/CAD, Gold
Financial Market News

Weekly Market Wrap With Gary Thomson: NIKKEI-225, USD/JPY, GBP/USD, USD/CAD, Gold

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.

  • NIKKEI-225 Analysis Indicates Possibility

Forex Analysis

Commodities and European currencies Test Key Supports

On the eve of the Easter holidays, the main currency pairs have slightly slowed down the development of the main trends and are consolidating near key ranges, the breakdown of which could provoke a change in the vectors of medium-term

Shares

Stock Market Analysis: NVDA Losing Leadership?

Since the start of the week, the S&P-500 Index (US500) is up about 0.58% while NVDA's share price is down about 3.8%. This is a worrying sign for Nvidia stock investors — could it be a sign

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. 65.68% 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.