Cryptocurrency Price Prediction: ETH, BTC, Cardano, 5th Feb 2023

Web Desk

05th Feb, 2023. 12:15 am
Share

Cryptocurrency Price Prediction: ETH, BTC, Cardano, 5th 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

Since the beginning of the year, the price of bitcoin has been steadily rising, and despite some brief dips, the peer-to-peer digital currency has shown promise.

Bitcoin is currently trading at $23,165, a 0.5% loss on the day. The trend is still bullish because the bears have yet to produce a price that settles below the 8-day exponential moving average (EMA). With a strong candle from January 12 and an influx of $454,000 transactions, the Binance exchange API suggests the bulls are still in control.

The next bullish target remains around $24,000, which would represent a 6% increase over the current Bitcoin price.

Traders should keep an eye on the $23,000 level, as a break below it could trigger a sell-off toward previous resistance zones near $21,000. Under a bearish scenario, the Bitcoin price would fall by 8%.

Ethereum Price Prediction

The price of Ethereum hit a new high for the year earlier this week, at $1,714, but profit-taking has since occurred. Despite some bearish influence, the overall trend has not changed.

Ethereum is currently trading at $1,666, well above the 8-day exponential moving average and 21-day simple moving average, indicating a healthy uptrend. The lack of momentum necessitates caution as bullish traders prepare for more volatility.

The volume indicator is also in favour of the bulls, but the market remains frozen as traders monitor key levels for potential sell-offs. The $1,610 level is still critical for Ethereum’s uptrend, and failure to hold above it could lead to a deeper decline.

The next bullish target for Ethereum remains in the mid-$1,800 liquidity zone, implying a 12% increase over the current Ethereum price.

Cardano Price Prediction

Cardano is currently auctioning for $0.403. The 1-2-1-2 ramping pattern within the current uptrend rally is one of the key indicators signalling a potential move higher. This pattern appears when the price repeatedly makes higher lows and higher highs.

The stair-stepping price action indicates the open interest in an asset among algorithmic bots, day traders, and smart-money operatives. Price movements can become more intense and volatile as the pattern progresses, creating an environment conducive to a large move.

Divergences on the Relative Strength Index are another factor to consider (RSI). The RSI is a momentum indicator that compares the depth of recent gains to recent losses to determine whether an asset is overbought or oversold.

Cardano is currently showing bullish divergences within the 1-2-1-2 pattern after breaking through overbought conditions. This could be interpreted as a signal to slow down before Cardano’s next leg up.

Cardano could see further gains in the near future based on the current ramping 1-2-1-2 pattern. Since September 2022, the $0.45 zone has represented a convergence of resistance, support, and untagged liquidity levels.

A break below the $0.36 support level could invalidate the bearish thesis. If the breach occurs, the Cardano price could fall toward the $0.30 level of support, representing a 23% increase over the current market value of ADA.