Bitcoin and Ethereum Price Forecast – Encouraging Signs for Traders

The cryptocurrency market has a whole have begun to make a stand and have started showing signs of strength and maturity to deal with the sell off that has been happening in this market over the last few days. Since yesterday, bitcoin and ethereum have staged a smart recovery and this bodes well for the future of this market as this is likely to improve the confidence of the investors and traders as they see the market bounce back from the lows. The challenge to any market arrives not when it continues to stay bullish and keeps going up but when it gets kicked down. This is when the market needs to show resilience to come back from being down and the fact that the cryptocurrency market has shown that over the last 24 hours is a sign that this market is here to stay.

Market Showing Signs of Maturity

In the first half of the week, we saw bitcoin and ethereum prices crash and this was especially true in the case of ethereum as the investors began to lose confidence in it and began to sell off ethereum in a steady but strong manner. This led to a bit of panic in the markets which is natural in any market that is new and low on liquidity. More and more sellers jumped in and the prices moved down by around 20% in ethereum and by around 10% in bitcoin and it felt as though this move could snowball and lead to a crash.

But over the last 24 hours, the buyers have begun to step in and this has helped the ethereum prices to recover and trade comfortably above $200 as of this writing. This effect has percolated into the bitcoin market as well and this has helped bitcoin prices to recover and trade above $2400. The fact that they buyers have stepped in to stall the fall should give the other traders a lot of confidence who would now be emboldened to start buying as well.

Forecast

Looking ahead to the next 24 hours, we should see the prices consolidate between the $2400 and $2450 for a brief while and we should be seeing some good 2 way action in the markets. This is nothing to panic about and is a natural reaction as the market tries to recover itself. We should see some similar action in the ethereum market as well as we should see some consolidation and ranging with a correction bias below $230.

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