Cryptocurrency Price Prediction: ETH, BTC, Cardano, 11th Feb 2023

The appeal of cryptocurrencies persisted in 2021. Cryptocurrencies are now accepted by Goldman Sachs. In April 2021, Coinbase became the first significant cryptocurrency company to go public. The first U.S. exchange-traded fund with a focus on Bitcoin debuted in October of the same year.

The most well-known cryptocurrency, Bitcoin, had a prosperous year. The value of the digital currency has grown by about 70% since the start of 2021, pushing the total market value of cryptocurrencies past $2 trillion.

The majority of the major coins’ values have significantly increased this year, which has been great for the cryptocurrency market. Dogecoin (DOGE), Litecoin (LTC), and Ripple (XRP) are three other digital currencies doing well.

If the history of cryptocurrencies is any indication of the future, investors can look forward to an amazing journey.

The important Crypto predictions for 2023 are as follows:

Bitcoin Price Prediction

Bitcoin is currently worth $21,905, and the 24-hour trading volume is $31 billion. In the last 24 hours, Bitcoin has dropped nearly 4.5%. CoinMarketCap currently ranks first with a live market cap of $422 billion.

Technically, BTC/USD trading is extremely bearish. Currently trading at $21,900, it has recently completed a 61.8% Fibonacci retracement at this level, implying that price could drop to $20,000 in the near future. The resistance for Bitcoin is expected to remain near its average of $22,300 or $22,775.

Leading technical indicators such as the Relative Strength Index and Moving Average Convergence Divergence both indicate a bearish market. Both the RSI and the MACD have reached the 25 level and are producing histograms below zero, indicating that there is strong selling pressure. Furthermore, a bearish engulfing candle indicates that investors are extremely bearish.

If Bitcoin falls below $21,800, we expect it to find support around $21,400. Bitcoin’s price is expected to remain close to support levels.

Ethereum Price Prediction

The current price of Ethereum is $1,550, with a $9.8 billion 24-hour trading volume. Ethereum has dropped more than 5% in the last 24 hours. CoinMarketCap is currently ranked second, with a live market capitalization of $189 billion.

The ETH/USD pair has broken through a symmetrical triangle pattern that had been extending resistance at $1,675, causing the ETH price to fall to $1,525 per coin. This level is currently acting as a support, and a close above these candles today could result in a bullish bounce.

On the plus side, the immediate resistance level for Ethereum remains at $1,600 or $1,650. A break below $1,520, on the other hand, may send the price of ETH towards the 1,475 level.

However, a break below $1,620 could expose BTC to levels as low as $1,550.

Cardano Price Prediction

Cardano (ADA) has reached the local resistance level of $0.3891 on the hourly time frame. However, the rate has not yet risen above it.

If the buyers can maintain their pressure and the candle closes without wicks, the accumulated energy may be sufficient for a breakout, followed by an impulse to the $0.3950 zone.

On the daily chart, the price is in the middle of the channel, indicating that no significant moves are imminent. Similarly, until mid-February, the more likely scenario is sideways trading in the $0.38-$0.40 range.

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