Bitcoin and Ethereum Price Forecast – Bitcoin Stagnates, ETH Picks Up

Bitcoin prices have been consolidating over the weekend, something that we had mentioned in our forecast on Friday. The prices are near their all time highs and they have already failed to break through this price region twice before and hence it is only natural for the prices to meander along as the bulls collect some strength to make another push again. The prices have been moving along around the $4300 region as of this writing and this is likely to continue in the short term.

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Bitcoin Prices Consolidate

As the prices move higher and higher, more and more traders are forced to rethink their strategies and wait for specific signals that the prices are going to go up again, before committing themselves. It was easier for them when BTC was trading at lower prices but with such high prices, the bulls are becoming more and more careful. The fact that more and more traders are being drawn into trading BTC has been helping to keep the bullish run going but as in any instrument, the prices cant keep going up forever and need to taper out somewhere.

With the decreased volatility in the BTC market, it is only natural that some of the attention gets focussed on the next important crypto market which is ethereum and it has been basking in the limelight over the last few days, again something that we had mentioned in our forecast last Friday. The prices of ETH have been steadily moving higher over the weekend and now trade just below the $350 region. We believe that the bull run in ETH is only beginning and we are likely to see the prices move much higher in the coming days and weeks.

Forecast

Looking ahead to the rest of the week, we expect the BTC prices to continue to consolidate in the short term while the ETH prices are expected to continue to move up as those traders who are tired of the lack of volatility in the BTC market are likely to move over to ETH.

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