Bitcoin and Ethereum Price Forecast – Prices Rise Slow and Steady

The BTC prices have been making a slow and steady progress through the course of the last 24 hours and are now just shy of the $7000 region. It is likely that the progress would continue as the prices and the market consolidates and ranges in the short term. There has not been any specific fundamental developments in the BTC industry over the last couple of days and that is reflected in the slow and calm trading that we have been seeing. We do not see any major signs of a breakout as yet as the momentum continues to be slow but the fact that the lows of the range have managed to hold again should be a source of strength for the bulls.

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Prices Move Higher

The bulls have been struggling to hold on to their gains over the last few weeks and even now, though the prices are rising, there does not seem to be any sense on who is still in control. It would appear that the bears are closer to controlling the pair and that is one of the major reasons for the prices being unable to surmount the $7400 region but the fact that the support region has been holding shows that the bulls have not yet given up. The crucial region would be that around $7400 which is expected to see a lot of selling if and when the prices get to it but even that region seems to be quite far away at the moment.

The ETH market has been doing slightly better over the last few days due to the renewed strength and direction being seen in the ETH network during this period. This has helped the prices to sail through the $420 region and now the prices trade above the $430 region as of this writing.

Forecast

Looking ahead to the rest of the day, we do not have any major economic or fundamental events to rock the markets as yet. Hence,we are likely to see the slow progress in the BTC and ETH prices to continue for the rest of the day.