Cryptocurrency Price Prediction: ETH, BTC, Cardano, 21th Jan 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 bitcoin predictions for 2023 are as follows:

Ethereum Price Prediction

The market price of Ethereum has dropped by 4% over the last day to $1,529.25 with a $10 billion trading volume. The digital asset remains one of the most valuable and frequently traded cryptocurrencies in spite of this.

Ethereum is currently ranked second on CoinMarketCap and has a live market capitalization of 187 billion USD. The maximum supply of ETH coins has not yet been established, and there are currently 122,373,866 of them in existence.

The ETH/USD pair’s value has fallen to $1,500 as a result of the strong bearish sentiment that prevented it from breaking through the $1,600 double top resistance barrier.

The main support level for Ethereum right now is $1,500. If this breaks down and reaches $1,440, the selling pressure will likely increase based on its 38.2% Fibonacci retracement. If that is also compromised, ETH might drop as low as $1,350 and run into trouble.

The $1,660 level will serve as resistance if the $1,500 support level is broken, and a rise to that level is likely.

The price of Bitcoin has decreased by 1.50% over the past 24 hours to $20,550, with a $29 billion trading volume. The anticipated value of Bitcoin has not changed since the initial forecast on January 17th.

The immediate support level for Bitcoin on the 4-hour time frame is located close to $20,630 and is extended by the 23.6% Fibonacci retracement. The next support level of $19,985, or the 38.2% Fib level, could be reached by the BTC price if the bearish breakout of $20,630 takes place.

The “Three Inside Up” candlestick pattern that Bitcoin has developed, however, may be the catalyst for a BTC uptrend.

To the upside, BTC may surge and aim for the $21,200 mark, and additional buying may push BTC toward $21,600. A bullish breakout of this level could result in a breakout above $21,600 and propel BTC in the direction of $22,000.

Cardano Price Prediction

Cardano, the digital token for smart contracts, is still the subject of heated debate among cryptocurrency traders because of the dramatic rise in its value since the beginning of 2023.

By January 12, ADA’s investors had made a 35% profit. The current relief rally has contributed to the regrettable perception that the ADA currency has reached its macro bottom.

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

Despite the current surge, the relative strength index, a tool for assessing the potential of moving markets, offers encouraging signs.

The volume indicator, which increased by more than three times to $400,000 from the winter’s average of $200,000, supported the optimistic theory.

There will undoubtedly be a market correction at some point. Increasing volume and the RSI landing zone close to the midpoint will likely be indicators of future red days, so traders should watch for these signals.

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

A break below the most recent ascending trendline would be the first indication of a trend change. The critical level, which is currently around $0.2800, might increase if Cardano’s price continues to rise and follow the trend.

If the trend breaks, the lows might be tested once more, which would prevent the $0.2440 bottom in 2022 from occurring.

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