Bitcoin and Ethereum Price Forecast – Bitcoin Consolidates, ETH Continues Higher

The bitcoin prices continued to consolidate over the last 24 hours which has now become a characteristic of the way that the prices move. We have been seeing periods of consolidation followed by a bit of correction, and then a move up once again followed by breakout and consolidation and this has been the price pattern over the last few weeks. This can be handled easily by the traders as long as they dont get greedy and find out the right levels where they should be entering into the trades.

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Bitcoin Follows Set Price Pattern

The bitcoin network is also preparing itself for the next hard fork which is scheduled for November and this is likely to be a more challenging one as far as the instrument is concerned as this features two sides of the bitcoin team that are at loggerheads with each other at this point of time. The bitcoin network and traders would hope that these 2 sides would thrash out their issues by then so that they ensure a smooth transition through the hard fork like what we had seen on August 1.

The ethereum prices have also been moving higher and this is something that we have been mentioning in many of our forecasts. The ETH prices are likely to be more bullish than bitcoin in the short and medium term as the bitcoin prices become higher and higher and then become beyond reach for groups of traders. We also have a fork scheduled in the ethereum network in September and if they do pass through that fork as well as the bitcoin network did on August 1, then we should be seeing a very strong bullish run in the ETH prices.

Forecast

Looking ahead to the rest of the day, we expect some correction in the bitcoin prices between the $4700 and $4500 regions for the day while we expect the ETH prices to continue their upmove towards the $400 region.

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