Bitcoin and Ethereum Price Forecast – Bitcoin Splits, Ethereum Moves Higher

The bitcoin market has finally and officially split into bitcoin and bitcoin cash and so far there has not been much effect on the prices of bitcoin as well. Do note that we will be pointing our analysis only towards bitcoin for now and not torwards bitcoin cash. These are like 2 factions of a political party and unless and until bitcoin cash proves itself to be strong and capable of drawing a lot of miners and holding on its own, it is likely that it wont be able to grab too many eyeballs and hence our attention also will not be focused on it for now.

Bitcoin Splits Into Two

The bitcoin prices are clearly in a consolidation mode but they have managed to stay above the strong support region around $2500. But with the $3000 region capping the prices for now, we are seeing some solid consolidation going on and this is likely to continue in the short term. The traders and the investors are caught in a bit of a quandary as pushing the prices through $3000 sounds like a bit of a gamble while at the same time, the limited number of bitcoins ensures that the demand is always there for bitcoin which keeps the prices supported. We believe that this is likely to break one way or the other in the medium term and it would be interesting to see which way it happens.

The ethereum prices continue to move in a bullish mode over the last 24 hours as they trade comfortably above the $220 mark as of this writing and it looks good for more. With the bitcoin prices skyrocketing and too high for many, it is the cheaper alternative of ethereum that has been gaining all the attention over the last few months and with many ICOs being built out of ETH, it is only natural for its popularity to grow and expand.

Forecast

Looking ahead to the rest of the day, we continue to be bullish on the bitcoin and ethereum prices but as explained above, the bitcoin prices are caught in a tight consolidation mode and hence all the focus is likely to be on ethereum which will continued its bullish mode.

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