Bitcoin and Ethereum Price Forecast – ETH Gets All the Attention

As we had mentioned in our forecast yesterday, the bitcoin prices faced a lot of selling just below the $3500 region and have since corrected by about $100 which, in bitcoin price terms, is a very small amount. We expect some consolidation and some deeper correction in this area in the short term and we we have been saying so many times over the last couple of months, any sort of correction in the bitcoin prices should be viewed as an opportunity to buy.

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Bitcoin Consolidates

Though we are very much sold on the idea of the bitcoin prices going higher, we have always ensured that we use the technical tools and indicators to support our decision making, both in terms of entries and in terms of exits, and we believe that all traders should base their decisions on such tools rather than try to outguess the markets. Also, such decision making should be done not only for entries but for the exits as well and this is how traders can survive a very volatile market which bitcoin is.

The break through the $3000 region and the current bullish run is just an endorsement of how well the split of the fork in bitcoins has been managed and it is also a thumbs up signal to how well the technology has adapted to the changing needs of the market and this augurs well for the technological growth and the maturity in this area. We believe that the bitcoin market and network would continue to lead the way as far as advances and adaptation are concerned.

Though the bitcoin market is facing a bit of consolidation and correction, the ethereum prices continue to skyrocket. With the bitcoin market becoming a bit restricted for many traders and becoming too costly as well, we are finding that a large number of traders and investors are moving towards ethereum and the fact that most ICOs have their base in ethereum is always helping to grow the market. With the mining of ethereum also likely to reach a limit within the next few months, the supply is going to get limited and this will only add further fuel to the price rise.

Forecast

Looking ahead to the rest of the day, we are likely to see the bitcoin prices consolidate while the ETH bullish run is expected to continue in the short term. Any correction in the prices of these instruments are a good opportunity to load up at the right technical levels, which comes in around $280 for ETH and around $3200 and $3000 for bitcoin.

Now is the perfect time to start trading cryptocurrency. Learn How!