Bitcoin and Ethereum Price Forecast – Ethereum Gets Some Love, Finally
Bitcoin prices continued to consolidate for another day as the focus of the market turned towards Ethereum over the last 24 hours. This led to a period of correction and consolidation in the bitcoin market which led the prices lower towards the $8000 region before a small bounce due to some strong buying led the prices to move higher into the $8200 region as of this writing. The prices are likely to continue to consolidate over the next 24 hours as well as the market prepares itself for the next leg of the bull run. The next leg could carry the prices into the $8500 region and beyond, as we had mentioned in our forecast yesterday.
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Bitcoin Prices Continue to Consolidate
Just as how the bitcoin market has been looked down by some of those in the financial sector, it has been receiving some strong support from other quarters as well and this has been helping to sustain the high prices of bitcoin. Also, with the launch of futures in bitcoin in the various exchanges only being a matter of time, we are going to see a lot more liquidity and volatility in the bitcoin market which will only help it to mature faster. Also, the introduction of futures is likely to bring in some good two way trading in the bitcoin market which will only help the industry in the long term.
The Ethereum market finally found some love as the prices jumped by around 8% over the last 24 hours and now trade just short of their all time highs. We have been saying that the $380 region was likely to be the key for the prices to move higher and it turned out to be true as a breakout through that region led to a quick move higher through the $400 region and it trades above $410 as of this writing and looks strong to break through the all time highs and continue to move higher. It may not be a surprise if the ETH prices end up in the $500-$600 range by the end of the year.
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Forecast
Looking ahead to the rest of the day, the focus would be on the ETH market, for a change, as the traders would wait to see if there is a break through the all time highs and if yes, then we could see the traders buy some more of ETH which will drive the breakout. Bitcoin prices are likely to take a backseat for a day more atleast as the market looks towards the weekend.
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This article was originally posted on FX Empire
