Bitcoin and Ethereum Price Forecast – ETH Fails to Join the Bitcoin Party

In what is turning out to be an amazing turnaround in the bitcoin market, the prices have now soared towards the $4800 mark and the bitcoin prices trade just above this as of this writing. The market has well and truly shaken off the correction due to the action of the Chinese regulators and it now seems to be only a matter of time before the prices begin to challenge all time highs in the $5000 region. After the correction which took the prices below the $4000 region following the closure of bitcoin exchanges, it looked as though it was all over for the bulls and the market as a whole. But the prices have since rebounded and in a matter of a couple of weeks, the prices are back to where they were before the ban.

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Bitcoin Prices Continue Higher

This shows the resilience and the maturity of the market and it also shows that investors and traders continue to believe in the technology and the bitcoin industry and continue to view it as a viable alternative to the fiat currencies. The fact that the prices have been bouncing every time after there has been a strong correction only improves the confidence of the traders which would, in turn, mean that next time, the corrections would have a much lesser impact as there would be many traders willing to buy and thus support the prices.

It is the ETH market that seems to be suffering a big blow as a combination of the ban on ICOs by many regulators and the upcoming form in ethereum next week is weighing on the prices. It did try to make a breakthrough $300 yesterday but that has been promptly sold into and it now trades in a weak manner below $300 as of this writing. It is likely to continue to be weak in the short term, at least until the fork is complete.

Forecast

Looking ahead to the rest of the day, we believe that the bitcoin prices could be challenging the all-time highs pretty soon and a visit to that region could be followed by some consolidation and correction as well. The ETH prices are likely to suffer in the short term as it has not been able to join the bitcoin party as yet.

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