Bitcoin and Ethereum Price Forecast – ETH Markets Are the Star

The crypto prices rocketed higher during the last 24 hours as the consolidation and the ranging have finally led to some serious price action as was widely anticipated. The BTC rose higher during the course of the day but all the action was in the ETH market where the bulls managed to build on the breakout that we had seen through the $700 region and they have continued to move it higher. The ETH prices have gained over 10% over the last 24 hours and now trade comfortably above the $750 region as of this writing. The BTC market also seems to have caught a bit of that fire and has been moving higher through the $9500 region.

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Prices Push Higher

We had mentioned this in our forecast yesterday where we had said that the traders should keep a close watch on the consolidation as it was likely to give way to some strong move higher as the bulls were still in control. Now that the bulls have made their move, it is only a matter of time before the prices begin to move through the $10,000 region and if and when that happens, we will be seeing the prices head towards the $11,500 region in the medium term. We believe that this region would be the next target of the bulls and for that to happen, they would need to generate a bit more momentum which should arrive in due course of time.

As mentioned earlier, the ETH market continues to build on the gains as the fundamentals have also been supporting the move with their founder revealing a plan for improving the scalability of the network which should slowly but surely push the value of the network and the coin as the people and the developers begin to work with these new developments.

Forecast

Looking ahead to the rest of the day, the targets of $10,000 in BTC and $800 in ETH appear to be only a matter of time and once these are achieved, we should see the bulls begin to focus on their next targets in the respective markets for the medium term.