Both Ether and Dash are trading mostly stable during this crypto market rout, at least versus BTC. Against the U.S. Dollar both altcoins are substantially off their highs.
ETH/BTC Ratio Mostly Stable Amid Rout
The ETH/BTC trading pair has stayed mostly stable as the larger crypto market experienced losses across the board. As you can see on the chart below, we’ve stayed inside that large rectangle for the past ten days.
Still, the pair is still in an uptrend. To end it the bears will have to stage a decisive break of the 0.0809 swing low. We have weak support not far from here at the 0.08 BTC round figure. A move below 0.05 BTC would lead to a new downtrend. On the longer-term weekly and monthly charts ETH/BTC is bullish as well.
Dash Remains Range-bound
For Dash not much has changed since our update last week. The DSH/BTC pair is still range-bound. Back then we were trading at 0.07272 BTC and currently, we’re quoted at 0.07238, a price difference of less than half-percent.
We are waiting for price to get out of the rectangle on the chart above. The key breakout points are 0.08058 BTC and 0.059 BTC. A decisive move beyond either of these price extremes should lead to a new trend. On the weekly chart DSH/BTC is range-bound as well. However the monthly chart is still bullish.
Bitcoin Bounces From Lows
No crypto update is complete without mentioning big brother bitcoin. After a sizeable crash on January 16th prices bottomed out the next day at $9211 dollars per coin. We are currently trading at $11,449 dollars.
While this is a nice bounce from the lows, BTC/USD remains in a downtrend on the daily charts. We’re very far from the all-time high at $19,850. On the weekly and monthly charts bitcoin is keeping its bullish bias.
On the news front things are going from bad to worse for BTC. Yesterday the SEC notified two more crypto funds that their applications for an ETF were lacking. The letter posted on the website outlines some of the problems with bitcoin and crypto in general, according to the agency, namely liquidity, market manipulation and technical issues. The letter may sour investor sentiment as many saw the introduction of regulated bitcoin futures as a gateway to an ETF.