Cryptocurrency Price Forecast: Ethereum, Bitcoin, Cardano for March 17, 2023
In 2021, cryptocurrencies continued to gain appeal and even Goldman Sachs began to accept them. The year also saw the first major cryptocurrency company, Coinbase, go public and the first U.S. exchange-traded fund focused on Bitcoin debut in October. The market value of cryptocurrencies surpassed $2 trillion, thanks to the success of Bitcoin, which has risen by approximately 70% since the start of 2021. Other digital currencies, such as Dogecoin (DOGE), Litecoin (LTC), and Ripple (XRP), have also experienced significant growth.
Investors can expect a promising future for cryptocurrencies based on their history. Here are some important crypto predictions for 2023:
Bitcoin Price Prediction:
Bitcoin (BTC) reached a high of $26,386 on March 14 but then underwent consolidation with an overall negative bias, returning the token to the $24,000 range. Currently, Bitcoin is at an inflection point, trading at $24,627, down about 1.5% in the previous 24 hours. If it fails to break through the $25,000 barrier, its value may decrease even more. However, near-term support for Bitcoin is at $23,931, with additional, more substantial support at $22,459, provided by the horizontal line and the 50-day Exponential Moving Average (EMA). If Bitcoin falls below $22,459, selling pressure is likely to increase. But if buying pressure increases, the Bitcoin price could break above $25,000, rendering the bearish thesis invalid.
Ethereum Price Prediction:
The Ethereum price (ETH) lost some ground earlier in the week and is currently trading at $1,652, having lost 0.05% in the previous 24 hours. Unless it breaks above the $1,704 resistance level, the price may fall further. Investors should expect the Ethereum price to fall towards the $1,595 support level before retracing to the supplier congestion zones represented by the 50, 200, and 100-day EMAs at $1,572, $1,548, and $1,519, respectively. However, if buying pressure increases, the Ethereum price could rise 3.05% to confront the immediate barrier at $1,704. In extreme cases, it could reach the $1,744 resistance level or reclaim the $1,780 highs set on Tuesday.
Cardano Price Prediction:
Cardano’s cryptocurrency price (ADA) has dropped below all its main moving averages, indicating that it’s currently in a downward trend that dates back to June 2022. Its inability to convincingly break above its 200-Day Moving Average last month also suggests that there isn’t enough momentum for a meaningful improvement in the short-term price outlook. A slump beneath $0.30 seems quite probable, which could lead to a slide of another 24% from current levels. However, it won’t be a straight line lower, as the 14-Day Relative Strength Index (RSI) is getting close to oversold territory.