Bitcoin And Ethereum Daily Price Forecast – BTC & ETH Trade Range Bound Above Critical Support Level

Fundamental support helped crypto bulls maintain BTC & ETH above key support levels despite bear’s attempts to drag the pair back to pre holiday season lows.
Colin First
Bitcoin Board

There hasn’t been any major change in crypto market over last 24 hours. Both Bitcoin and Ethereum are trading range bound well inside yesterday’s high and lows. The crypto market started the week with Bitcoin making incredible gains above $4,000 while Ethereum attained stability above $150 mark having tested $160 price handle during the weekend. Investor sentiment is divided in market as both positive and negative news hits back to back. Yesterday’s news of possible ETF debut in Japanese market continues to inspire crypto bulls while comments from Mr. Ardo Harrison a member of European Central Bank widely believed to succeed Mario Draghi as the President stating that ‘Bitcoin will die as a complete load of nonsense’ has inspired caution among several investors.

News Driven Momentum Continues To Sustain Crypto Bulls

However news of UK based exchange which delivers actual crypto coins at end of future contract delivery period and Japan’s positive approach to Bitcoin and Altcoins rule the market with positive influence outweighing dovish factors prevalent in market. News hit market today that UNICEF is considering accepting donations in for of crypto currencies which is also positive news of crypto currencies as one more international governing body accepts cryptocurrencies as valid form of currency and payment which should provide fundamental support and act as trigger which will bring fund flow into market. Bitcoin remains top currency in terms of market cap and is trading above $4000 mark for second consecutive trading session. As of writing this article, BTCUSD is trading at $4082.2 up by 0.42% on the day.

While Bitcoin managed to retain foot hold above $4000 mark despite testing $3990 handle early in the day, Ethereum is also turning sluggish in broad market ahead of Constantinople hard work. Ethereum also fell below $150 handle for a short while before reclaiming $150 handle which suggests bears are at work once again to disrupt crypto currency’s recovery rally. ETHUSD pair is currently trading flat at $153.20 down by 0.56% on the day. Moving forward the top two cryptocurrencies aim for consolidative price action in immediate and near future while bears continue their attempts to drag them below Pre-Christmas price levels.

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