Cryptocurrency Price Prediction: ETH, BTC, Cardano, 4th Dec 2022

Cryptocurrency, also known as crypto-currency or crypto, is any type of digital or virtual currency that uses cryptography to secure transactions.

Cryptocurrencies lack a central issuing or regulating authority and instead rely on a decentralised system to record transactions and issue new units.

Ethereum Price Prediction

Ethereum’s price performance has been incredible in recent days, as it has broken through critical barriers. This move occurred during a period of consolidation for Bitcoin, indicating the underlying strength of ETH buyers.

Since forming a buy signal on November 22, the Ethereum price has not looked back. This trend reversal has resulted in a 15% upswing, allowing ETH to sweep buy-stop liquidity above $1,290.

There is no need to be concerned about the current retracement. In fact, as long as the price of Ethereum remains above $1,195, interested investors should look to buy the dip. In this case, a consolidation followed by a surge in buying pressure could propel ETH to $1,350 highs.

This surge may exhaust the bullish momentum, but Ethereum’s price should be able to reach the psychological level of $1,400. Traders can consider taking partial profits and calling it a day at this level.

However, from a mid-to-long-term perspective, Bitcoin price appears strong, making it unlikely that Ethereum price will halt its rally at the psychological resistance. The logical place for ETH longs to book profits would be at the retest of the $1,545 barrier.

This would be a 30% increase from $1,195 and could indicate the formation of a temporary top.

Bitcoin Price Prediction

During the UK session, Bitcoin surpassed $17,000 for the second time and remains bullish. The European Central Bank (ECB) has, on the other hand, taken a strong stance against Bitcoin, as evidenced by a blog post titled “Bitcoin’s Last Stand” by Ulrich Bindseil, director general of the ECB, and analyst Jürgen Schaff.

🧨 BREAKING NEWS 🧨

The #ECB (European Central Bank) posted an article on their official site: “Bitcoin’s last stand”

It is basically a 100% biased ROAST of #Bitcoin
It’s misleading and painful to read. 🤬

EBC = e-BS 🤭

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— Satoshi Stacker (@StackerSatoshi) December 1, 2022

Ulrich Bindseil claims that Bitcoin was created around 15 years ago to supplement or replace the current monetary system. Bindseil and others, on the other hand, have claimed that Bitcoin is not a suitable investment or payment method, and that its market capitalization, which surpassed $1 trillion last year, is purely speculative.

Furthermore, central bank officials have noted that Bitcoin has attracted new investors on multiple occasions and has been subject to manipulation by individual exchanges or stablecoin providers, but these strategies do not provide stability.

Cardano Price Prediction

An artificial intelligence-based price prediction model predicts that the price of Cardano’s native token $ADA will rise to $0.42 by the end of the year, a 35% increase from the cryptocurrency’s current price.

Cardano’s price could reach $0.42 by the end of December, according to NeuralProphet’s PyTorch-based price prediction algorithm, which employs an open-source machine learning framework. The model, on the other hand, predicted that $ADA would trade above $1 in September, when in reality, the cryptocurrency was barely above $0.50.

The price prediction model makes use of 2017 data as well as AI technology to determine where the cryptocurrency’s price is rising. From February 2021 to May 2022, when the Terra ecosystem collapsed and the crypto space entered a bear market, the mode delivered somewhat accurate predictions.

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