Cryptocurrency Price Prediction: ETH, BTC, Cardano, 23rd Feb 2023

Web Desk

23rd Feb, 2023. 01:15 am
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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

BTC/USD has broken through a key support level of $24,500, according to technical analysis, and is now falling towards $23,900. Yet thanks to the double bottom pattern, this level is now a key Bitcoin support level.

An ascending triangle pattern has developed in the 2-hour time period, with support coming from an upward trendline near $24,000. The next support level for Bitcoin, if it drops below this level, will be around $23,400. Bitcoin is seeing increased selling pressure as a result of the RSI and MACD indicators being in the selling range.

A spike in purchasing interest might result in a breakout above the $24,500 mark, which would expose Bitcoin to the next resistance level at $25,200.

Investors are closely monitoring the FOMC meeting minutes, which will be made public at 7:00 PM today (GMT). It is essential to maintain concentration because this event is anticipated to have an impact on future financial market movements.

Ethereum Price Prediction

The ETH/USD pair is currently exhibiting a bearish trend after breaking below its choppy range of $1,675 to $1,725 on the chart. The 38.2% Fibonacci retracement level of $1,630 is thought to be the area where Ethereum’s next support level will be found.

The downtrend may deepen towards the $1,600 or $1,565 levels if the downward momentum persists and there is a bearish breach below the 38.2% Fibonacci retracement level.

A price rebound towards the $1,675 or $1,740 level is possible if the ETH/USD pair can stay above the $1,630 level.

Cardano Price Prediction

A token of ADA/USD was last trading at roughly $0.38, down around 10% from previous monthly highs in the $0.42 range. In the midst of Wednesday’s widespread decline in cryptocurrency prices, Cardano is under selling pressure and now poses a risk of breaking back below its 200-Day Moving Average (DMA).

Crypto is following the lead of US stocks, which are declining due to concerns that equity investors may have underestimated the extent to which the Fed will continue raising interest rates this year and additional evidence of an impending earnings recession in the wake of the most recent Walmart and Home Depot earnings reports.

ADA bearish will now be watching for a test of the 50DMA in the $0.36 range, which also roughly corresponds with the upward trend of this year. Cardano has a decent chance of rising back towards recent highs if it can find support here. If not, it’s likely that a recent double bottom slightly below $0.3450 will be tested.