Ether Downtrend Ends

FXOpen

The Ether downtrend versus BTC ended yesterday as prices climbed back above the 0.037 level. Dash also clawed back a lot of the earlier losses but remains in a downtrend vs bitcoin.

Ether Downtrend Ends

The short-lived downtrend in ETH is over after prices decisively broke the previous support turned resistance at 0.03712 BTC. Yesterday we hit a high of 0.044 BTC before the pair retraced somewhat. We are currently trading at 0.03968 BTC.

ethbtcdaily-dec14-copy

With the end of the latest downtrend, ETH/BTC is back in a large range. A new uptrend requires a break above the 0.05906 BTC swing high. For a restart of the downtrend, the bears will have to push prices below the 0.02287 swing low.

Support on the way down can be found at the former support turned resistance now turned back to support at 0.03712. However note that this level will now act as much weaker support then it was before the break last week. On the top side we find potential resistance at the 0.044 swing high (weak) followed by 0.04661 BTC and the 0.05 round figure. On the long-term charts the picture is mixed with a bearish trend on the weekly but bullish on the monthly.

Dash Clawsback Some Losses

Since our last update Dash successfully clawed back some of the large losses. It’s now up over 37 percent since last Thursday. Still the gains haven’t been enough to end the current downtrend. For that to happen the bulls will have to push DSH/BTC above the 0.066 level. A decisive break of 0.8018 BTC swing high could start a new uptrend in prices.

dshbtch4-dec14-copy

Support below can be found at 0.05402, 0.0515 BTC and the 0.05 round figure. Lower still we find more potential levels at 0.0442, the 0.04 round figure and the most recent swing low at 0.03557. The eight-month low at 0.03452 BTC is another notable support level.

Higher up we have resistance at the most recent swing high of 0.0547 BTC (weak) followed by 0.0576 and the 0.06 round figure. Similarly to ETH/BTC, on the long-term charts the picture is mixed with a bearish trend on the weekly but a bullish trend on the monthly.

Open a Crypto account and join FXOpen – one of the leading cryptocurrency trading brokers.

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

DOGE Price Increases by 170% in Less Than 2 Months 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

Latest articles

Indices

Although UK-100 Index Is Near All-time Highs, UK Economy Slips into Recession

Technically, a national economic recession is defined as two consecutive quarters of contraction, and yesterday's Office for National Statistics data confirmed that this has happened — UK GDP fell in the third and fourth quarters of 2023 by 0.1% and

Cryptocurrencies

DOGE Price Increases by 170% in Less Than 2 Months

On February 1, 2024, the DOGE/USD rate was = 0.0783. On the last Friday of March, it rose to 0.2150. The rising price means Dogecoin is now the eighth-largest cryptocurrency in the world by market capitalization, overtaking Cardano

Commodities

Market Analysis: Gold Price and Crude Oil Price Gain Bullish Momentum

Gold price started a steady increase above the $2,200 resistance level. Crude oil prices are gaining bullish momentum and might rise toward $85.00.

Important Takeaways for Gold and Oil Prices Analysis Today

· Gold price started a decent increase

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.