Bitcoin and Ethereum Price Forecast – Prices Correct Lower

The BTC prices corrected lower during the course of the day yesterday but so far, there has been no cause for alarm as yet. The prices have fallen but this is in line with the general correction that takes place in any market during any specific trend. The prices have risen by over 20% over the last week and hence some sort of correction was only natural. We expect that the region around $7800 would hold the prices for now and should see some strong buying which should help to bring in the next bullish leg as far as the BTC market is concerned. The prices are expected to go up from here as the bulls continue to remain firmly in control and we also believe that the region around $10,000 would be their medium term target.

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Prices Fall Towards $8000

The crypto market has been able to recover well over the last few days from the dumps that it was in in the days before that. The bulls remain in control at this point of time but the region around $8300 should serve as some tough resistance and beyond that, the region around $9000 would be the one to watch. The bulls would ideally be eyeing the region around $10000 but they would like to take it one step at a time. The market is maturing in a slow and steady manner over the last few weeks and hence it is likely that the prices would be choppy in the short term.

The ETH prices have also corrected lower but the prices have so far managed to stay above the region around $500 and this is expected to hold for now. The region around $480 is the major support but the bulls are in control at this point of time and are expected to remain so in the short and medium term.

Forecast

Looking ahead to the rest of the day, we do not have any major fundamentals that is going to change the way that the prices move. Hence, we should see some consolidation of the correction for the day and we should see the prices pick up again towards the end of the week.