Cryptocurrencies Price Prediction: Bitcoin, Ethereum and Ethereum Classic – European Wrap 6 September
Bitcoin price could revisit $22,000 if this mean reversion play pans out
Bitcoin price has been in a consolidation range for the last nine days and shows no signs of breaking lower or higher. However, the general outlook for BTC is that it needs to collect liquidity before attempting a recovery rally.
Ethereum Price Prediction: With a 6% move, ETH price eyes $2,000 before the Merge
Ethereum price has formed three bullish daily candles, affirming its micro position before the Merge occurs. The second-largest cryptocurrency toppled from highs marginally above $2,000 around mid-August. Declines were unstoppable until Ether price slowed at $1,427. Although a full recovery remained elusive, ETH is now almost brushing shoulders with $1,700 while bulls push for gains beyond $2,000.
Ethereum Classic flies on the back of bigger brother ETH
Ethereum Classic (ETC) price action printed a staggering 22% uptick on Monday as ETC price got a lift from its bigger brother ETH price, as all Ethereum-derived currencies enjoyed a boost in morale ahead of the network upgrade tonight. The stakes are high for ETH to get this right, as previous examples from other cryptocurrencies like Bitcoin show it can turn into a PR nightmare, with a subsequent price implosion. Although this is not forecast for this evening, traders still need to pay close attention, as the correlation with global markets could find its limit and possibly reverse once high technical levels are hit.
Author
FXStreet Team
FXStreet
