Cryptocurrencies will be hot again, says InvestingHaven. That is because the long anticipated Bitcoin fork is a fact now. And, as opposed to what the naysayers were predicting, Bitcoin did not crash but survive. Because of that, other cryptocurrencies will thrive. Moreover, the Ethereum (ETH) price will go higher from here, that is what its chart suggests! InvestingHaven’s research team would not be surprised to see its long term Ethereum price forecast of 1,000 getting materialized in the 6 to 12 months ahead.
Business Insider confirmed, moments ago, that the Bitcoin fork is a fact: “There seems to be some technical issues that might be slowing it down, but yes, the fork has happened.” With that, Bitcoin holders can exchange their old coins to the new version which is called Bitcoin cash. “Bitcoin cash is built on the same blockchain network as bitcoin, but the new software increases the size of the “blocks” that make up the network to allow it to process more information. Investors who have their bitcoin on exchanges or wallets that support the new currency will soon see their holdings double, with one unit in bitcoin cash added for every bitcoin. But that doesn’t mean the value of investors’ holdings will double.”
Business Insider writes:
Because bitcoin cash will initially draw its value from bitcoin’s market cap, it will most likely cause bitcoin’s value drop by an amount proportional to its adoption.
Ethereum charts suggest higher Ethereum price coming
Visibly, Ethereum is reacting on what is happening today with Bitcoin. The price of Ethereum started rising as the Bitcoin fork became a fact. That price increase is meaningful, not only because of the timing but, more so, because of the breakout on the chart.
A breakout is a price analysis term which is used to indicate that a downtrend is changing into an uptrend. That is exactly what is happening in Ethereum right now.
We signaled an Ethereum price breakout two weeks ago. However, a breakout should be followed by a confirmation. Now that is exactly what happened, and today’s price increase is the ultimate confirmation that the breakout is for real.
What does all this mean? Very simple, higher prices are coming, very soon!
The 3 month Ethereum price chart shows the breakout and confirmation soon after (green circle).
The 6 month chart shows the same breakout and confirmation. Both timeframes signal the same message!