Bitcoin And Ethereum Daily Price Forecast – BTC & ETH Breach Critical Price Levels Hinting at Positive Price Action For Reminder of the Week

The crypto currency market has been correcting significantly higher since the week started. Investors are finally seeing the light at the end of the tunnel. The cryptocurrency industry has to date been viewed as the Wild West, an analogy that is regularly wheeled out in any new immature financial market sector. Governments and institutions have been looking at the space over the last year and are poising themselves to make big moves, but hesitancy is the dominant force at present until assessment is made on how best to introduce regulation. After ten months of steady declines, the market will need something more to put aside the doubts and investors believe that something has come into action this week.

Investors Hope for Ongoing Recovery To Mirror last December’s Year End Bullish Rally

Bitcoin has corrected higher since it tested its 15-month low. It has added a whopping 21% from the lows traded this mid-December. The trend is strongly bullish and the pair has managed to move back above $4000 handle in early European market hours. The most significant digital coin has recovered from the intraday low at $3,667 gaining over 9% in a matter of hours hinting at decent performance in ongoing Santa rally as investors hope for sustained price action in the pair’s recovery from yearly lows. Other cryptocurrencies such as Ethereum and Ripple are also on the rise in European market hours today.

Ethereum has also been on an upswing move since the week started. After exploring lows towards $80.00 the asset has gained ground above $100. The support at $100 is viewed as crucial point in ETHUSD’s price rally as breach below said level hints at solid bear’s playground while above the mark is bull’s territory which makes  this a clear defining factor. The pair is currently trading above $110 mark which is currently the path with least obstacles in short term as buyers aim for $120 handle ahead of Christmas Eve. As major cryptos have managed to breach critical resistance levels in their path investors now hope that, the market could continue recording gains like what happen last year in December which would result in increased participation of traders on hopes of cashing in on year end rally.