As predicted by crypto analysts and on-chain professionals, the cryptocurrency market does not see a Santa Claus rally. But the price of Bitcoin (BTC) is still over the $16.8K mark, which is encouraging. The price of Ethereum (ETH) is also lagging above $1,200.
Ethereum Price Prediction
At this time, the price of Ethereum is $1,219. The 24-hour low and high are, respectively, $1,203 and $1,222. As a result, the price of ETH is also fluctuating sideways, rising by 1% in a day and more than 3% in a week.
On-chain data shows that the Ethereum Exchange Reserve for All Exchanges indicator shows a more than 30% reduction in ETH reserves on centralised exchanges. As a result, investors are building up and are increasingly optimistic about Ethereum.
For the long term, anything above $1,170, according to cryptocurrency analyst Michael van de Poppe, would be a decent price to buy. The closing price of Ethereum above the support level in 2023 will be positive for Ethereum.
Bitcoin Price Prediction
Currently, the price of one Bitcoin is $16,839. The 24-hour low and high are, respectively, $16,755 and $16,908 As a result, the price of BTC has risen just 2% over the past week and almost 1% over the past 24 hours.
On-chain study of the data from the Bitcoin Exchange Reserves for All Exchanges shows that the exchange reserves are still decreasing. Additionally, the 14-day and 30-day SMMA of Bitcoin reserves on crypto exchanges demonstrate that historically, a gain in the price of Bitcoin has occurred when the 14-day SMMA moved above the 30-day SMMA.
Therefore, a positive crossover of exchange reserve moving averages may indicate the beginning of a bullish trend.
Additionally, prior on-chain reports showed that miners’ selling pressure had decreased and that whales were distributing their Bitcoin holdings to investors.
According to well-known cryptocurrency analysts like Michael van de Poppe, Rekt Capital, and CredibleCrypto, the monthly closing of the Bitcoin price above or below the $16.9k–$17k range will define the direction of the market in 2023, either bullish or negative.
The price of bitcoin is projected to fall to $15,600 if it closes below the threshold. On the other hand, a closing above will make Bitcoin bullish.
Cardano Price Prediction
Cardano’s price is predicted to drop 91.6% from its all-time high of $30.9 on September 2, 2021, and will end the year in a seemingly endless rabbit hole. Investors were further disappointed when ADA lost 82.6% of its value in just one year.
Some investors, more notably whales, who are now on a buying binge, answered the call. According to on-chain data from Santiment, addresses holding 1M to 10M ADA now hold 16.19% of the network’s total supply, up from 15.98% on December 14.
The development patterns of whale and shark addresses with 10M and 100M ADA are similar. Over the same period, the share of supply that this tier represents increased by 0.42% to 41.54%. As ADA demand increases, Cardano’s value would start to rise, indicating that the market downturn has ended.
[embedpost slug=”/cryptocurrency-price-prediction-eth-btc-cardano-26th-dec-2022/”]
