Cryptocurrency Price Prediction: ETH, BTC, Cardano, 9th Dec 2022

The cryptocurrency market is no exception. Cryptocurrencies, as one of the most important contributors to the financial world, have enabled many people to earn significant amounts of money through digital assets.

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

Instead of a central issuing or regulating authority, cryptocurrency relies on a decentralised system to track transactions and create new units.

Ethereum Price Prediction

The price of Ethereum has clearly retraced to the $1,202 to $1,218 demand zone. This move makes it easier for potential buyers to step forward. The result can be seen in ETH, which has already gained 1.7% this year.

A recovery above Monday’s low of $1,246 will signal a resurgence of buyers in the future. Such a move could indicate that the Ethereum price is on the mend. The targets in this case are $1,280 and Monday’s high of $1,305.

While the Ethereum price is improving, a break of the $1,195 support level will invalidate the bullish thesis and potentially send ETH to $1,073.

Bitcoin Price Prediction

Bitcoin price has fallen from a high of $17,430 to a low of $16,655, collecting sell-stop liquidity below the swing lows of $16,607 at the time of writing. This is a clear indication of market manipulation, and a reversal above $16,881 will confirm the start of the next leg up.

In such a scenario, Bitcoin’s price could begin its recovery rally to $17,593. This move could cost up to $19,235 in some cases.

Regardless of the bullish outlook, a four-hour candlestick close below the $15,894 swing low will render the optimistic scenario invalid. This move may result in a sweep of the equal lows at $15,443.

Cardano Price Prediction

From 2020 to the beginning of 2021, the cost of ADA increased. Cardano’s price increased by up to 18,000% between its lows in 2020 and its highs in 2021. In this regard, traders should dismiss the possibility that prices will quickly rebound to record highs above $3.00 in 2023.

Cardano’s fundamentals remain strong, and the network is among the most decentralised and advanced in the cryptocurrency industry. The macroeconomic environment, on the other hand, must be favourable. This does not necessarily imply a healthy economy.

In 2020, the world was rocked by the Covid-19 pandemic, forcing governments to implement significant fiscal and monetary stimulus. This stimulus drove the price of cryptocurrencies and risky assets in general. It’s not impossible that central banks, which have been aggressively raising interest rates this year, will start lowering them again. Many economists predict a devastating recession in 2023, and inflation in large economies such as the United States is under control.

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