Bitcoin and Ethereum Price Forecast – Prices Break Through Finally

The bitcoin market had a day to rejoice as the prices managed to break out of the tight range that it had been over the last couple of weeks and broke through the psychological resistance in the $4000 region. It now trades well above $4100 and the bulls seems to be back on track. We had mentioned in our forecast yesterday that it was important for the traders to wait for a breakout which was bound to come in the short term and that came through yesterday.

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Bitcoin Prices Push Through $4000

One of the drivers for the breakthrough was the fact that the bitcoin market found some support from the CEO of Morgan Stanley who agreed that bitcoins were more than just a fad. This was in contrast to the put down from the CEO of JP Morgan a few weeks back when he said that the bitcoin was a fraud on the investors. This new found support helped the prices to move higher during the course of the day and now the prices seem to be challenging the $4200 mark in a bid to move higher. It is likely to face some resistance in the $4400 and a bigger one at $4700 but the breakout should encourage the traders, who had been on the sidelines during the consolidation, to enter back into the market.

The Ethereum prices also followed the bitcoin prices in moving higher as they have been moving pretty much in tandem over the last few months. The prices now trade comfortably above the crucial resistance turned support region of $300 and this region is likely to hold the prices in the short term. The bulls would be looking to take the prices higher now that optimism seems to have returned to the markets.

Forecast

Looking ahead to the rest of the day, we expect the bullish momentum to continue in the BTC and ETH markets in the short term as the breakout is likely to attract more traders to the market.

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