Bitcoin and Ethereum Price Forecast – Bitcoin Rockets Higher

Bitcoin and ethereum prices continued to skyrocket into the stratosphere on the same week when they had crashed to the bottom and there was panic all around. We had begun the week on the backfoot and with many ICOs doing the rounds over the weekend, we saw the ethereum prices crash towards its lows and seeing that, the bitcoin prices fell as well as some of the speculators began to panic.

Bitcoin Prices to Stay Strong

But the market has since recovered very smartly as the bigger buyers and traders and investors have stepped in to stem the rot and support the market. Just a look all around the world markets would show us how many things are being built around the blockchain technology nowadays and to understand the power of blockchains and cryptos as well. It is here to stay and it is time for the traders and the investors to embrace it.

The recovery initially would not have surprised many who follow these markets closely but the size of the recovery would have been a shocker for even the staunchest supports. The bitcoin prices rocketed higher yesterday and reached as far high as $2900 during the course of the day before correcting lower. We did mention that the key was the range between $2500 and $2200 and a break on either side would lead to a large move and thats what we saw yesterday.

Forecast

Looking ahead to the rest of the day, we know for a fact that the region around $3000 is going to have a lot of selling and we have seen this happening for the past few months as well. So, we can expect this region to cap the uptrend for now and with $2500 as the bottom of the range, we should see some strong consolidation go on. Likewise, for ethereum, we should see the round figure of $200 to act as support and the price region around $260 to act as resistance for now and we should see some ranging between these regions.

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