Bitcoin And Ethereum Daily Price Forecast – News Of Record ETH Transaction Volume Gives Major Cryptos A Bullish Boost

Legacy cryptos got a bullish boost but strong resistance at critical price levels pushed price from intra-day highs.
Colin First

Crypto market hasn’t changed much since the start of the week, however major cryptocurrency pairs are trading positive post sharp declines earlier this week. While the major pairs broke through one level of high resistance it is now moving range bound trapped below another major resistance levels. Both Bitcoin and legacy pairs continue to suffer from lack of fundamental support that could push the market on bulls path. However, the one major factor that helped top crypto pairs gain positive price action was news that Ethereum on-chain transaction volume hit an all-time high in December according to a report recently published by crypto analytics firm Diar.

Crypto’s Need Strong Hold Above Critical Support Level For Continued Positive Price Action

Bitcoin today saw sharp upside move which pushed it past resistance at $3582 handle post which it breached resistance at $3600 handle for short period. But the demand for BTC/USD above $3600 was very less which resulted in pair falling back to $3590/99 price range where it has since maintained a range-bound price action. As of writing this article, the BTC/USD pair is trading at $3597.3 up by 0.70% on the day. If the pair manages to sustain the rally across today’s American market hours then near time price action will focus on breaching $3600 level once again while a fall back below $3580 handle will result in the resumption of range bound action with support at $3560/55 handle in immediate and near future trading sessions.

Ethereum got a solid boost early in the day on news of high volume recorded during the month of December 2018. However, ETH/USD pair faced strong resistance at $120 level which resulted in a decline from intra-day highs post which the pair has maintained steady range bound action in the upper half of $118 handle. The pair needs to sustain a rally above critical support of $118.00 across American session for a continued bullish price rally. On the flip side, a breach below said handle will take the pair as low as $115.50 where it will continue range bound action for rest of the week owing to lack of high impact news in immediate future.

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