Bitcoin and Ethereum Price Forecast – BTC & ETH Continue Range Bound Price Action

The legacy crypto currencies seem to have hit bottom and are on rebound price action showing some level of stability. Bitcoin price is slowly recovering and shows some support at $4,400 handle against the US Dollar. BTCUSD pair is likely to move range bound around $4400 to $4600 handle in short term as investors continue to await major crypto event scheduled for this weekend with debut of crypto ETP product that is made up in majority out of three most popular crypto currencies bitcoin, ripple and ethereum and the performance of said ETP will likely be the deciding factor of stability in crypto market as good reception of the product will help crypto market see some bullish activity while poor reception will lead to resumption of recent decline in crypto market that will continue to wipe out more participants in crypto industry and see traders pull out even more funds from crypto currency trading across the globe.

BTC & ETH Drop Slightly Post yesterday’s Recovery

Many analyst believe that the current stability is just a mere calm before storm due to decreasing activity in crypto payment processors and decrease in participation of large investors in trading industry. The recent drop in price of legacy crypto currencies also had a disastrous effect on many business who drove the price action earlier this year as both ordinary holders and businesses which helped boost the network’s infrastructure driving adoption had to close up shop and sell off coins declaring bankruptcy and selling their equipment at bargain prices while miners also switched off their rigs as they lacked financial muscle and lived by immediately selling the Bitcoins they produced which has become a problem now as the costs to hold and maintain equipment exceeded the market price which was good for involved parties.

Post finding stability after recent sharp decline, the fight for leadership among the TOP 3 of the Crypto market is more active than ever. Ripple stands in third place, while Bitcoin has moved to second place which indicates that market for Ethereum is highly active despite decrease in involved party which makes it the most liquid legacy crypto currency and provides investors a higher chance to see short term gains. As of writing this article, BTCUSD pair is trading at $4456.5 down by 1.98% on the day while ETHUSD pair is trading at $132.83 down by 1.16% on the day. Both bitcoin and ethereum continue to move range bound amid holiday thin market owing to US thanksgiving celebrations as trading session nears week’s market close and are expected to continue the range bound price action across remaining trading hours of the week.