Bitcoin And Ethereum Daily Price Forecast – BTC & ETH Subdued Ahead of New Year Eve

More rangebound trading may be in store towards the end of the year.
Colin First
Bitcoin speculation
Dice, dollar and bitcoin.

BTC/USD is changing hands at $3,775, after a short-lived Sunday attempt to recover above $3,800 handle. The cryptocurrency market has entered a hibernation phase to survive thin holiday markets. Bitcoin is no exception here, despite some short-lived sharp movements in both directions. According to the statistics provided by Messari service, the return on investments in Bitcoin in 2018 was the worst on record. Traders have lost over 71% of their capital since the beginning of the year. To put this into perspective, it is much worse than in 2014, when Bitcoin demonstrated the similar slump. On the 4-hour chart, Bitcoin is moving within a horizontal triangle.

ETH To Regain Market Cap Post Network Upgrade

A sustainable movement above $3,860 (the upper line of the triangle) will create a setup for a strong recovery with the first aim at $4,234, which is the recent high reached on December 24. On the downside, the initial support lies with $3,700. It is created by a confluence of SMA100 and SMA200 (4-hour) and followed by the lower triangle border at $3,670. Once below, the sell-off may be extended towards $3,550 and psychological $3,500. Ethereum is changing hands at $137.61, mostly unchanged since this time of Sunday. The coin is consolidating gains after recovery from the recent low of $114.68 touched on December 27. Ethereum’s market value is registered at $14.2B, while an average daily trading volume amounts to 2.5B.

The cryptocurrency market is relatively stable on the last day of 2018; the year of reckoning in the industry. Crypto currencies have experienced the highest volatility in history while at the same time gone through some of the worst selloff in the recent years. Aside from bitcoin, ETH & XRP which are at war for market cap will see ETH gain in upper hand and regain status of the world’s second largest digital asset as ETH/USD is getting ready for a New Year rally ahead of the much anticipated Constantinople hard fork upgrade. ETH currently stands at $14.22 billion while XRP is holding ground at $14.68. If Ethereum continues to receive the support due to the impending network upgrade, we will soon see the asset back in its second position.

 

Don't miss a thing!

Discover what's moving the markets. Sign up for a daily update delivered to your inbox

Latest Articles

See All

Expand Your Knowledge

See All
IMPORTANT DISCLAIMERS
The content provided on the website includes general news and publications, our personal analysis and opinions, and contents provided by third parties, which are intended for educational and research purposes only. It does not constitute, and should not be read as, any recommendation or advice to take any action whatsoever, including to make any investment or buy any product. When making any financial decision, you should perform your own due diligence checks, apply your own discretion and consult your competent advisors. The content of the website is not personally directed to you, and we does not take into account your financial situation or needs.The information contained in this website is not necessarily provided in real-time nor is it necessarily accurate. Prices provided herein may be provided by market makers and not by exchanges.Any trading or other financial decision you make shall be at your full responsibility, and you must not rely on any information provided through the website. FX Empire does not provide any warranty regarding any of the information contained in the website, and shall bear no responsibility for any trading losses you might incur as a result of using any information contained in the website.The website may include advertisements and other promotional contents, and FX Empire may receive compensation from third parties in connection with the content. FX Empire does not endorse any third party or recommends using any third party's services, and does not assume responsibility for your use of any such third party's website or services.FX Empire and its employees, officers, subsidiaries and associates, are not liable nor shall they be held liable for any loss or damage resulting from your use of the website or reliance on the information provided on this website.
RISK DISCLAIMER
This website includes information about cryptocurrencies, contracts for difference (CFDs) and other financial instruments, and about brokers, exchanges and other entities trading in such instruments. Both cryptocurrencies and CFDs are complex instruments and come with a high risk of losing money. You should carefully consider whether you understand how these instruments work and whether you can afford to take the high risk of losing your money.FX Empire encourages you to perform your own research before making any investment decision, and to avoid investing in any financial instrument which you do not fully understand how it works and what are the risks involved.
FOLLOW US