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Bitcoin And Ethereum Daily Price Forecast – BTC & ETH Subdued Ahead of New Year Eve

Colin First

BTC/USD is changing hands at $3,775, after a short-lived Sunday attempt to recover above $3,800 handle. The cryptocurrency market has entered a hibernation phase to survive thin holiday markets. Bitcoin is no exception here, despite some short-lived sharp movements in both directions. According to the statistics provided by Messari service, the return on investments in Bitcoin in 2018 was the worst on record. Traders have lost over 71% of their capital since the beginning of the year. To put this into perspective, it is much worse than in 2014, when Bitcoin demonstrated the similar slump. On the 4-hour chart, Bitcoin is moving within a horizontal triangle.

ETH To Regain Market Cap Post Network Upgrade

A sustainable movement above $3,860 (the upper line of the triangle) will create a setup for a strong recovery with the first aim at $4,234, which is the recent high reached on December 24. On the downside, the initial support lies with $3,700. It is created by a confluence of SMA100 and SMA200 (4-hour) and followed by the lower triangle border at $3,670. Once below, the sell-off may be extended towards $3,550 and psychological $3,500. Ethereum is changing hands at $137.61, mostly unchanged since this time of Sunday. The coin is consolidating gains after recovery from the recent low of $114.68 touched on December 27. Ethereum’s market value is registered at $14.2B, while an average daily trading volume amounts to 2.5B.

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The cryptocurrency market is relatively stable on the last day of 2018; the year of reckoning in the industry. Crypto currencies have experienced the highest volatility in history while at the same time gone through some of the worst selloff in the recent years. Aside from bitcoin, ETH & XRP which are at war for market cap will see ETH gain in upper hand and regain status of the world’s second largest digital asset as ETH/USD is getting ready for a New Year rally ahead of the much anticipated Constantinople hard fork upgrade. ETH currently stands at $14.22 billion while XRP is holding ground at $14.68. If Ethereum continues to receive the support due to the impending network upgrade, we will soon see the asset back in its second position.

 

This article was originally posted on FX Empire

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