Bitcoin and Ethereum Price Forecast – Legacy Crypto’s Rebound on What Looks Like Temporary Stability

Bitcoin hit a new low just above $4,000 on Tuesday and stabilized since then. But the question still remains if the progenitor of all cryptocurrencies will hold here or continue its downward spiral. The crypto rout has moderated on Wednesday with all major coins all trading in the green ahead of Thanksgiving in the U.S. Bitcoin has rebounded above $4500 level post hitting new lows at $4310 mark on sharp 10% fall yesterday. Analysts believe that having logged six losing sessions over the previous seven, the pair is soon to hit bottom and rebound and those brave enough now could see lucrative gains. The sellers may soon feel exhausted and may take a break soon as price gains stability in $4000 handle.

A Sense of Stability is Visible Ahead of ETP Debut in Swiss That Crypto Community eagerly Awaits For

Liquidity which is already thin could become even thinner as the Thanksgiving holidays approach. Investors believe that the recent sell-off could have been spurred from the mining war resulting from the Bitcoin Cash hard fork, fueled by the SEC crackdown on ICOs, and weakening expectations of institutional investment even next year. It is better to patiently tread the market and observe the proceedings for short while as key events continue to unfold in crypto market with investors and traders across the globe await debut of crypto ETP this weekend in Switzerland Six exchange. The debut and reception of ETP will likely serve as major factor that could solidify stability for legacy crypto currencies or serve as additional driving force for downward spiral.

The ETH/USD pair fell sharply yesterday and traded below the $140 and $132 support levels. The decline was such that the price traded close to the $120 level. A low was formed at $121 and the price is currently well below the 100 hourly simple moving average. At the moment, the price is consolidating above the $120 support. Ethereum has found some stability near yesterday’s lows and rebounded significantly similar to BTC however it remains to be seen as to how far the recovery could go as enthusiasts will continue to remains as driving force of momentum regardless of drop in value which should help pair fund stability ahead of major event that crypto world awaits this weekend.