Bitcoin and Ethereum Price Forecast – Prices Not Going Anywhere Soon

Bitcoin prices continue to stall during the last 24 hours and the prices seem to be coiling into one of the most tight ranges in recent times. Though the price action appears to be like coiling, we believe that this is going to be the order of the times going forward. The bitcoin market is fast maturing and in a mature market, large moves cannot be expected on a daily basis. The times of unending bull runs seem to have been exhausted and what we are seeing is more of trading and investing rather than pure and blind speculation in the hope of huge unidirectional moves. In a way, this is good for the market as it helps to gauge trading and direction in the right manner and helps the investors to place trades with confidence.

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Bitcoin Prices Stagnate

The bitcoin prices seem to be caught in a tight range between $4200 and $4400 for now and this is likely to continue in the short term. This is a sort of middle ground where both the bulls and the bears seem to agree on the prices and that is why we are seeing a lot of ranging and consolidation happening in this price region. Of course, this is likely to make trading a bit difficult for long term traders but this is how it is going to pan out, atleast for the short term.

Ethereum prices have been caught in an even more tighter range as it ranges between the $280 and $300 mark over the last few days and like bitcoin, this range is set to continue in the short term. The Ethereum prices are also under additional pressure as most of the regulators seem to be going after ICOs, which are based on ETH, more than the bitcoin market and this has brought uncertainty into the ETH market in recent times.

Forecast

Looking ahead to the rest of the day, we do not see the range being broken anytime soon and we expect this consolidation to continue for today as well. With the hard fork in the bitcoin market also looming ahead in November, it is difficult to expect the bitcoin prices to go anywhere soon.

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