Cryptocurrency Price Prediction: ETH, BTC, Cardano, 17th Jan 2023

The popularity of cryptocurrencies persisted in 2021. Cryptocurrencies are now accepted by Goldman Sachs. In April 2021, Coinbase became the first big cryptocurrency business to go public, and in October that year, the first U.S. exchange-traded fund with a concentration on Bitcoin debuted.

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

Investors can anticipate a fantastic trip if the history of cryptocurrencies is any indication of the future. The following are some crucial bitcoin projections for 2023:

Ethereum Price Prediction

The price of Ethereum has reached to its optimal level of $1,450, confirming the winter’s upward trend. Since ETH broke over the $1,230 support level at the beginning of the month, many have predicted that the mid-$1,400 barrier will be tested.

At the moment, the price of ethereum is $1,458. Because ETH has increased 22% since January 1, traders who took the bullish trade have done well.

The following key goals are all under $1,600. Since ETH declined from $1660 to $1,073 in the first week of November, the price zone, a key liquidity level, has remained untagged.

The trade idea could be debunked by using the pivot point of $1,344 that formed during the current trend. The $1,250 area can act as support if the barrier is breached, which might result in a deeper correction. If the bears win, the price of ETH will fall by 15%.

Bitcoin Price Prediction

Because of bitcoin’s 6% daily gain, the current relief rally has expanded by 20% since January 1. The daily gain, which has broken through a trendline that had previously stopped previous uptrend attempts during the fall, is now the month’s highest gainer.

One bitcoin is presently worth $20,017. Zooming out, the preceding range displays converging trendlines from the high on August 15 to the low on June 18, indicating that the Bitcoin price failed to breach either side of the range during the summer and fall.

Practitioners of Elliott Wave theory propose a “Ending Diagonal” as a possible explanation for the narrowing range.

If the recently breached trend line is part of an ending diagonal pattern, the bullish target zones might be the fialnals origin point above the August high, resulting in a 25% gain in Bitcoin’s current price (often observed around market reversals).

A Fibonacci retracement level of $16,655 from the positive cross of the 8-day exponential moving average and the 21-day simple moving average and the $25,000 high indicates to resistance levels of $20,430 and maybe $21,440.

These levels may serve as a temporary stumbling block before BTC progresses in the direction of the predicted goal zone.

Cardano Price Prediction

As the value of Cardano, the digital token for smart contracts, has risen considerably since the start of the year 2023, cryptocurrency dealers continue to debate its pricing.

Those who had invested in ADA had received a 35% return by January 12. The current relief rally has generated the unfortunate impression that the ADA currency has reached its macro bottom.

Cardano is now bidding at $0.3287 after five days of excellent trading. Because the trend’s slope is practically vertical, bulls can now take advantage of the liquidity above December’s monthly high of $0.3290.

Despite the current surge, the Relative Strength Index, a tool for assessing the potential of moving markets, offers encouraging indicators.

The volume indicator more than tripled to $400,000 from the winter’s average of $200,000, confirming the optimistic hypothesis.

There will surely be a market correction at some point. Traders should keep an eye out for the RSI landing zone near the midpoint and an increase in volume in connection with any future red days.

Bullish targets would be the psychological $0.4000 price level and liquidity over $0.3700, representing up to 21% rises from Cardano’s current market value.

A break below the most recent ascending trendline would be the first indication of a trend shift. The critical threshold is now trading around $0.2800, but if Cardano’s price remains high and in line with the trend, it may rise.

If the trend breaks, the $0.2440 bottom in 2022 may be jeopardised because the lows may be retested.

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