It is a decisive weekend for Ethereum, Bitcoin and the whole crypto market. After a sign of relief on Saturday night the million dollar question is whether the crypto market is able to avoid a breakdown. In other words, can crypto bulls gain control again similarly to what they did in July with the crypto market breakout? This is what the longer term Ethereum and Bitcoin price charts say. The clearly indicate a limited number of potential paths for the remainder of 2018. We consider this our Ethereum and Bitcoin (BTC) price forecast for the 2nd half of 2018.
Ethereum price forecast 2018
Ethereum’s price chart shows what chart analysts tend to call a descending triangle pattern. Ethereum’s price is moving slowly but surely towards the apex of the triangle. The closer to the apex the higher the probability of a new trend which can be higher or lower.
Essentially, Ethereum’s cryptocurrency is trading this weekend right below its trendline, at point (3). It is trying to recover, visibly, to quality as a ‘false breakdown’.
Going forward, this chart suggests that a very likely path will be that Ethereum’s price moves from point (3) to point (4), followed by point (5) in the October timeframe! That will be the ultimate decision moment for Ethereum.
Is this the only path forward? In other words is this the only Ethereum price forecast for 2018? Mr. Market may decide differently. It’s all about probabilities. The chart formation we see below is so outspoken that it increases the probability Ethereum will move within this formation. Forecasting all about probabilities.
Note how the underlying secular trend, though not very visible on the chart, is up. Look at the channel with a light background on below chart. The primary uptrend is the dominant factor for long term investors.
Bitcoin price forecast 2018
When it comes to Bitcoin we see some similarities with Ethereum’s chart. The current lows (August 10th 2018) are not as close to the support trendline as in Ethereum. That’s a good thing for Bitcoin bulls.
The black annotated line is one scenario forecast. It has a similar path as Ethereum: a bounce from current levels towards resistance, followed by a retest of support.
[Ed. note: the other plausible scenario is that the blue support line holds strong, if it plays out like this Bitcoin and the crypto market will be wildly bullish going forward]
Note, one big difference with Ethereum is that strong support is visible on Bitcoin’s chart if and once it falls outside of its triangle, see the dotted rising line. That may be ultimate stopping power for Bitcoin before it returns to its bull market.
Note how the underlying secular trend, though not very visible on the chart, is up. Look at the channel with a light background on below chart. The primary uptrend is the dominant factor for long term investors.
