Bitcoin and Ethereum Price Forecast – BTC Prices Steady

The BTC prices have continued to remain buoyant over the weekend but the bulls have been unable to generate enough momentum to push the prices through the $7800 region as yet. It is important that the bulls push the prices through this region so as to enable further confidence from the investors and the traders and this will in turn enable the prices to push even higher in due course of time. We have been mentioning this as the key region for the battle between the bulls and the bears over the last few days and it is indeed proving to be so. There have not been any major fundamentals affecting the market over the last few days and hence it is likely that the consolidation to continue.

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Prices Still Under $7800

Another reason for the consolidation is that the market dynamics are beginning to change with more and more players jumping into the market with their own innovative ideas over the last few months. This has been affecting the bitcoin market as well with some of the people worrying that such development, including the development of newer and faster blockchain networks, could affect the importance of BTC and push the focus away from bitcoin over the coming months. This is also impacting the underlying value of the network and this is also another reason for the uncertainty over the real value of the network.

The ETH prices have also shot higher during the course of the weekend and we are now seeing the prices trade comfortably above the $600 region as of this writing. The prices have received a shot in the arm with the ETH founder Vitalik suggesting that the development in the network could help to push the transaction speed to over a million transactions per second and this fundamental improvement could add value to the network in the long run.

Forecast

Looking ahead to the rest of the day, we believe that the consolidation and ranging would continue for the day as the BTC prices struggle with the $7800 region and it would be interesting to follow the price action during this period.