Bitcoin and Ethereum Price Forecast – Bitcoin Gets Ready, ETH Ready to Follow

Bitcoin prices continued to consolidate between the $4200 and $4400 regions over the last 24 hours, as we had mentioned in our forecast yesterday. It is currently testing the highs of the range once again and it seems to be only a matter of time before the next breakout and atleast a $200 move comes along. But doubts continue to persist in the minds of the traders and the investors alike on whether it would be useful to invest at these levels and that is the reason why we are seeing this consolidation and ranging carrying on for a few days as the investors remain uncertain.

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Bitcoin Prices Likely to Breakout

As the bitcoin prices continue to move up, this uncertainty and risk is likely to weigh on the prices and it is likely that many traders might even shift out to other markets in search of better returns for the funds that they have invested. This is likely to happen during phases of consolidation as we well as during phases of uncertainty as well and this is what we are seeing at these price levels. This is also a sign of a maturing market and traders have to realise that this is no longer an opportunity for easy money and have to ensure that their entries are correct in what is essentially a good market to trade and it is likely to continue to be so in the medium term.

With the limelight on the bitcoin market fading, the ethereum market is likely to be the one that is benefited as it is considered as the second biggest and second most important cryptocurrency after bitcoins and hence it is only natural for the traders to turn their attention to this. If and when that happens, which is likely to happen pretty soon, we are going to see the prices of ETH moving ahead pretty quickly.

Forecast

Looking ahead to the rest of the day, the weakness in the dollar, seen across the board, is likely to help the bitcoin prices to break out in the short term while the ETH prices continue to move higher through $350 and beyond.

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