Cryptocurrency Price Prediction: ETH, BTC, Cardano, 1st 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

The current Bitcoin price is around $23,672 as of today, with a 24-hour trading volume of around $26 billion. It has a market cap of $456 billion and ranks first on CoinMarketCap.

On the 4-hour timeframe, the BTC/USD price has broken through the triple top level of $23,400 and now has the potential to move higher towards $24,066. If the price rises above $24,066, it could reach $25,150.

The breakout of a symmetrical triangle pattern in Bitcoin typically drives an uptrend. As a result, we can expect the BTC price to continue rising.

On the downside, Bitcoin’s immediate support remains at $23,350, and a break of this level might extend the selling trend all the way to $22.800 or $22,350.

Ethereum Price Prediction

Ethereum is currently trading for $1,629, with a 2.25% increase in the last 24 hours and a trading volume of $8.1 billion. With a market capitalization of $199 billion, it is currently ranked second on CoinMarketCap.

Etherum has been on the rise since the breakout of a symmetrical triangle pattern, and it is now likely to find immediate support near $1,620 levels. On the downside, support is found at $1,560, and a break below this level could send ETH back down to $1,500.

On the upside, the immediate resistance for Ethereum is at $1,660 or $1,680. A bullish break above $1,680 could propel ETH to $1,745 levels.

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Cardano Price Prediction

The decline in the price of Cardanothat has been going on since August of last year is about to end. High global inflation that was staggeringly high and stern statements from central bankers that this inflation would not go away without hurting the underlying economy were factors that led to a constant sell-off.

Markets have been rallying a little too aggressively higher in anticipation of inflation falling to 2%, which would be out of the ordinary historically because blips along the way are more common.

Since 2018, the ADA price has not experienced a volume increase to its usual trading level. A rally of this size with such low volume indicates that it is built on shaky ground and could collapse with the smallest shock, such as an unexpected spike in inflation rather than a decline.

The massive caps at $0.384 and $0.40, as well as the fact that the price of Cardano has risen above the pivotal horizontal level and the red descending trend line, should serve as a warning to traders that any further upside will require significant support from central banks, further declines in inflation, and a reduction in geopolitical risk.

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If volume starts to increase more, continues to increase through February and March, and then breaks above the levels again in May 2022, it can be argued that a significant change has occurred.

The rally is more broadly supported and will fare better in any market turbulence thanks to the greater volume behind it. With the next $1.54 level as the price target to be reached for 2023, the volume buffer could more easily push price action above $0.84 and better absorb any market shocks.

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