Bitcoin and Ethereum Price Forecast – BTC Prices Hang On
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The BTC prices have been hanging on to their support regions and have avoided the risk of a further fall by the skin of their nails over the weekend. It is likely that the consolidation might continue for today but the bearish pressure on the prices is there for everyone to see. The traders would be returning back to their desks after the weekend and though there has not been major fundamental developments in the markets over the weekend, we should watch the price action very closely as the prices are below the strong support region and it would take only a bit more selling for the prices to start falling off the cliff over the next few days.
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Prices Still Under Broken Support
One thing that is expected to support the markets is the improvement in the risk sentiment over the weekend as the tensions in the Korean region begin to show signs of thawing with the leaders of the North and South Korea meeting with each other and reports that the US is getting ready for the summit in June despite reports to the contrary over the last week. This has led to an improvement in the risk sentiment and this is expected to support the risk markets like the stock and crypto markets for the short term. We believe that these kind of fundamentals would support the crypto market but this is a market that is still developing and hence nothing is for sure at this point of time.
The ETH price have once again slipped below the $600 region and continue to be weak, in line with the rest of the crypto market. Unless the overall sentiment surrounding this market begins to pick up, we are likely to see the ETH prices continue to be weak in the short term.
Forecast
Looking ahead to the rest of the day, as we had mentioned earlier, we believe that the ETH and the BTC prices would consolidate for today with a slight bullish bias but with the bears still in control and the prices still below the broken support region, we do not expect any major gains.
This article was originally posted on FX Empire