Bitcoin and Ethereum Price Forecast – Bitcoin Consolidates as ETH Crashes

Bitcoin prices continued on their consolidation and ranging phase and as we have pointed out many times over, over the last few days, this is likely to be the trend in the short and medium term as we wait for the next direction in the field of cryptocurrencies. Over the last few weeks, we have seen the interest increase in this field but that has not translated into higher volatility as yet.

It is clear that the bitcoin traders are a bit wary at these prices and ideally, they would like to see a correction in the prices before they start buying again. But those who have already bought the bitcoins are in no mood to left the price fall and that is one of the reasons for this consolidation. Also, as mentioned many times before, the number of bitcoins is finite and hence the demand and the prices are likely to continue to remain high despite competition from many such similar currencies.

Bitcoin Forecast

On the technical front, we see some strong support coming in the bitcoin prices at around the $2400 region and this support should be enough to keep the bulls interested. We expect this consolidation and ranging for some more days to come as the market and the traders prepare themselves for the next move.

Ethereum Crashed Through

Ethereum prices have broken through the support region at $260 and this has led to the prices pushing lower into the $230 region. We had mentioned the same in our forecast last week where we had said that a break through the tight ranges of last week would lead to a large move and this is what happened over the last few days as the prices crashed by close to 10%. This is just a measure of the volatility that the traders have to deal with and like every other instrument, this volatility has the capability to give or take out a lot from the traders.

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