The USA was shaken by the bankruptcy of many financial institutions, including Silicon Valley Bank and Silvergate Bank. In response, Bitcoin price has bounced from last week’s low of $19,736 to its current high of $25,835. This rise has also found a response in the crypto money market. One of the highlights of these rises is Ethereum took place on the front.
Ethereum (ETH) managed to bounce back after recovering from last week’s low of $1,379, testing the $1,700 resistance in the middle of the month and regaining the $1,600 support.
However, based on 1,565 votes cast by CoinMarketCap members, ETH will be trading at an estimated average of $1,560 by March 31. According to data received on March 14, it means a decrease of -7.67% or -$129.58 relative to the current price of ETH.
It is quite important to note that the crypto community’s predictions for Ethereum over the past six months have a historical accuracy of 87.72%. Artificial intelligence-supported price prediction platforms shared an estimate of $ 1,529.
Ethereum Shanghai Update
Due to the Ethereum Shanghai update, approximately $28 billion worth of staked ETH will be removed in a few weeks. This supply, which cannot currently be withdrawn or sold, will gradually return to the markets, which will affect the price. However, crypto analyst Ali Martinez says whales continue to buy ETH during the recent market crash. stated.
Ethereum whales with $1,000 to $10,000 in ETH added 400,000 ETH to their holdings, worth around $600,000,000 in the recent crypto market crash.
The one-day indicators on TradingView are very bullish regarding the technical analysis (TA) of Ethereum. Its summary is in line with the ‘strong buy’ sentiment at 16, driven by the ‘strong buy’ moving averages (MA) at 14 and oscillators in the ‘buy’ area at 2.
Ethereum is currently testing the $1,700 resistance and trading at $1,688, up 6.41% in the last 24 hours.
You can follow the current price action here.