Bitcoin And Ethereum Price Forecast – Legacy Crypto Currencies See Considerable Gains On Rebound But Bearish Influence Still Lingers

The cryptocurrency market lost over $50B of its value since the previous Monday, living through its worst week, while the largest cryptocurrency Bitcoin is down over 80% from its all-time high. Bitcoin is trading at $3,987.7 up by 3.8% on the day, at the time of writing as the market has calmed down after a wild weekend. The largest cryptocurrency crashed under $4,000 and even touched area below $3,500 handle hitting an intra-day high of $3550.04 however, panic selling has not happened yet as pair recovered ground across the day. While this is a good signal, the price needs to get back above $4,000 as soon as possible to mitigate immediate bearish setup.

ETH Continues To Suffer From Bug Revealed Recently

Bitcoin tumbled to a 15-month low earlier today with cryptocurrencies suffering a crisis of confidence as stop order continue to get triggered on the short side of every major technical level. Thanks to Josh Mandel idea, 23 different businesses in the state of Ohio will begin paying their taxes in Bitcoin. This new adaptation goes to show how BTC is taking root and is nowhere from being quashed despite draw downs that has seen miners across the globe close up owing to budget crisis and regulatory crackdown. Majority of people who left the industry in recent days were in reality participants who got in at peaks as spike in Bitcoin prices caused a mini gold rush.  Debut of Crypto ETP in swizz Six exchange failed to have any major impact on price action of legacy crypto currencies which made up a majority of the ETP.

ETH/USD formed a bullish Doji on Sunday, as seen with several of its peers across the board. Ethereum has recovered from the Sunday’s low of $100.92 to trade at $114.50 at the time of writing. The third largest digital coin has lost nearly 34% of its value during the previous week amid global cryptocurrency sell-off which was further intensified by the internal problems of Ethereum network. ICO projects and miners are selling their proceeds to cover operational expenses, increasing the downside pressure on ETH, while a serious bug revealed by Level K Company is undermining traders’ confidence. Ethereum has gained over 8% in the recent 25 hours, however, it is not out of woods yet. The price needs to move and stabilize above $120 market for any sort of positive outlook to be seen in market.