Bitcoin and Ethereum Price Forecast – Prices Crash as Panic Spreads

We had mentioned in our forecast last week that the Ethereum prices were looking pretty week and that the range was between $260 and $280 in the short term. We had also mentioned that the range of the prices was getting tighter and tighter on a daily basis and it was only a matter of time before the range breaks and that the probability of the break was to the downside as the flash crash from a couple of weeks back had dented investor confidence.

Ethereum Continues to Crash

That is what we have been seeing over the past few days as the prices have been moving steadily lower during this period. The key word to note here is “steady” which means that there was not a price crash, as we may have expected, when the prices broke through the bottom of the range but what we have here is a slow drip lower. Thats what makes the move even more dangerous and even more risky as a quick crash always opens up the possibility of the prices recovering back to the support region and maybe higher. But this move seems to be a determined and calculated move as the prices have now moved below $200 and there does not seem to be anything stopping this move for now.

The bitcoin prices have followed suit since late yesterday and the move in the bitcoin prices is more like a kneejerk reaction rather than the measured move that we are seeing in Ethereum. The prices crashed below $2300 but have since recovered to be above $2300 as of this writing but they continue to look weak as the traders look towards the US session with trepidation.

Bitcoin Forecast

Technically, we expect the bitcoin prices to feed off the ethereum prices and we expect the panic there to start spreading towards the bitcoin prices as well. The region around $2200 has proved to be quite a strong support of late but if and when the panic begins to spread, there might not be much standing in between.

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