Bitcoin and Ethereum Price Forecast – Ethereum Enjoys Some Limelight

Bitcoin prices dropped further yesterday to the support region around $3800 and this is likely to lead to a phase of consolidation and ranging in the short term. We believe that this move is more due to profit taking and exhaustion after the bullish leg over the last couple of weeks which saw the prices push through $3000 and continue to move beyond $4000 as well and once the consolidation is over and the traders have picked up enough BTC in the lower regions, then we are likely to see the next phase of this bullish leg.

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Bitcoin Prices Correct to Support

The prices had corrected to the $4000 region when trading began yesterday but after some consolidation in the region, we have seen the prices move even lower towards the $3800. We expect the support and the buying in this region to hold the prices from falling further in the short term and traders should be careful while picking up any BTC in this region. A break of this region could target $3500 pretty quickly.

With the BTC correcting downwards, it appeared as though some of the traders and investors have shifted their attention to ethereum as it enjoyed the renewed focus and move beyond the $320 mark during the course of trading yesterday. This could also be a positive hat-tip to the news and reports that ETH is likely to undergo a fork in September and it may be that traders are expecting a similar rise in the ETH prices after the fork, just as they have seen in BTC. It should be an interesting month ahead.

Forecast

Looking ahead to the rest of the day, expect some consolidation and range trading in the bitcoin market for now while the ETH prices have corrected back to support and now should begin to push higher in the short term which should carry it back towards the $330 mark and beyond.

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