Cryptocurrency Price Forecast: Ethereum (ETH), Bitcoin (BTC), Cardano (ADA) on March 21st, 2023
In 2021, the appeal of cryptocurrencies continued to persist, with even Goldman Sachs now accepting them. The year saw significant milestones in the industry, such as Coinbase becoming the first major cryptocurrency company to go public in April and the first U.S. exchange-traded fund focusing on Bitcoin launching in October.
Bitcoin, the most well-known cryptocurrency, had a prosperous year with its value growing by about 70% since the beginning of 2021. This pushed the total market value of cryptocurrencies past $2 trillion. Other digital currencies like Dogecoin (DOGE), Litecoin (LTC), and Ripple (XRP) also did well, with the majority of the major coins’ values significantly increasing this year.
If history is any indication of the future, investors can expect an amazing journey in the world of cryptocurrencies.
Looking ahead to 2023, there are some important cryptocurrency predictions to keep in mind.
For Bitcoin,
The BTC/USD pair rose further on Monday, breaking through the $27,750 resistance level. If the current bullish trend continues, it could reach $30,700 or higher. However, if the support levels at $26,700 or $25,200 fail, the next support level is at $23,150. Despite potential dips, the overall trend remains strong, with bullish engulfing candles forming.
As for Ethereum,
The ETH/USD pair is bullish on Monday, but its upward momentum is not as strong as Bitcoin’s. Currently struggling to break through the $1,800 mark, if it manages to do so, it will almost certainly encounter immediate resistance at the $1,900 level. On the downside, it is likely to find immediate support at $1,700 or $1,620.
Regarding Cardano,
The $0.35 area of support-turned-resistance, which also coincides roughly with the 200-Day Moving Average, may continue to limit ADA upside in the near future. However, with buying pressure building in the broader cryptocurrency market and Bitcoin and Ether reaching new multi-month highs, it appears that ADA will soon follow suit. If it breaks above the resistance area around $0.35 and the 200DMA, a retest of the downtrend linking highs dating back to last June would be possible. This could lead to the potential for upside towards last summer’s highs in the $0.60 range, more than 70% higher than present levels, if a break above the annual highs occurs.
