The financial sector in the United States has been rocked by the failure of many banks and financial institutions in the previous week, notably Silicon Valley Bank and Silvergate Bank. In response, Bitcoin’s (BTC) value jumped from a low of $19,736 last week to its current level of $24,835, carrying the broader crypto market up with it.
For instance, Ethereum (ETH), the leading smart contract platform and second-largest cryptocurrency by market cap fortunes, now look bullish after rebounding from last week’s low of $1,379 to regain support at $1,600 as it tests resistance at $1,700 midway through the month.
However, despite the bullish turn of events, according to the 1,565 community votes cast by the members of the crypto tracking platform CoinMarketCap by press time, ETH is set to change hands at an estimated average price of $1,560 by March 31, a decrease of -7.67% or -$129.58 to ETH’s current price, as per data retrieved on March 14.
It is also important to note that the projections of the crypto community for Ethereum over the last six months have had a historical accuracy of 87.72%, making them a suitable alternative to the price estimates made by the artificial intelligence (AI) platforms that have set a slightly lot lower Ethereum price for the same period at the price of $1,529 by March 31.
Due to the Ethereum Shanghai update, the roughly $28 billion worth of ether that has been staked will begin to become accessible in a few weeks. This supply, which at this time is unable to be withdrawn or sold, will be progressively returned to the public markets, which will affect the price of Ethereum. With that being said, crypto trading analyst Ali Martinez noted that Ethereum whales continue to buy up ETH during the recent market dip:
“Ethereum whales with 1,000 to 10,000 $ETH added around 400,000 ETH to their holdings in the recent crypto market dip, worth around $600,000,000.”
Regarding Ethereum’s technical analysis (TA) on the one-day gauges over at the finance monitoring website TradingView are very bullish. Its summary aligns with the ‘strong buy’ sentiment at 16, which results from moving averages (MA) pointing at ‘strong buy’ at 14, and oscillators in the ‘buy’ area at 2.
Ethereum is now testing resistance at $1,700, trading at $1,688; it is up 6.41% in the last 24 hours.
Over the last week, ETH is up 8%, with a total market capitalization of $210 billion.
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