Market rebounds massively as open interest on numerous assets reaches new highs. As AZCoin News reported, Ethereum price has made its biggest comeback in 250 days, rising after recovering from last week’s low of $1,379 to regain support at $1,600 as it tested $1,700 resistance in mid-month. At the time of writing, ETH is changing hands at $1,760.
ETH/USD 4-hour chart | Source: TradingView
Nevertheless, despite the positive turn of events, ETH is expected to trade at an estimated average price of $1,560 by March 31, a decrease of -7.67% or -$129.58 from ETH’s current price, based on the 1,565 community votes cast by members of the cryptocurrency tracking platform CoinMarketCap as of press time.
Furthermore noteworthy is the historical accuracy of 87.72% of the Ethereum price predictions provided by the crypto community over the previous six months, which makes them a viable alternative to the AI platforms’ estimations, which pegged the Ethereum price for the same period at $1,529 by March 31.
The one-day gauges for Ethereum’s technical analysis (TA) over at the financial news website TradingView are strongly optimistic. Its summary is consistent with the “strong buy” emotion at 16, which is brought about by moving averages (MA) trending in that direction at 14 and oscillators being in the “buy” area at 2.
The nearly $28 billion amount of staked ether will become usable in a few weeks thanks to the Ethereum Shanghai update. The price of Ethereum will change due to the gradual recovery of this supply, which is currently unavailable for withdrawal or sale.
Source: Crypto trading analyst Ali Martinez/ Twitter
Cryptocurrency trading researcher Ali Martinez observed that throughout the most recent market trough, Ethereum whales kept buying up ETH: “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.”
Read more:
- Vitalik Buterin Deposits 500 ETH To Mint Tokens Not Everyone Is Familiar With
- Ethereum Foundation Announces Shapella Network Upgrade On March 14
- Ethereum Developers Prepare For Shanghai Launch And Agree To Ban Zero Blob Transactions