Ethereum price made its biggest comeback in 250 days, gaining more than 13% in the last week￼
With the most recent market turbulence from the USDC depeg and SVB liquidation, the Ethereum price has experienced its most significant recovery in 250 days. After losing almost 13% of its value in the previous week, Ethereum increased by more than 17% during the past three days. This is a notable turnaround. At the time of writing, ETH is changing hands at $1,761.
ETH/USD 4-hour chart | Source: TradingView
The recent injection of $1 billion by Binance into a market stabilization fund, which was used to purchase BTC, ETH, and BNB, may be responsible for the price recovery of Ethereum. The action was intended to boost investor confidence and stabilize the Bitcoin market. And maybe the return is because, as AZCoin News reported, on the evening of March 14, the US announced the Consumer Price Index (CPI) for February 2023, an inflation measure of the world’s number one economy. True to the prediction of economic observers, US inflation in February reached 6%, continuing to have the 8th consecutive month of decline.
U.S. CPI: +6% YEAR-OVER-YEAR (EST. +6.0%)
U.S. CORE CPI: +5.5% YEAR-OVER-YEAR (EST. +5.5%)
— Tree News (@News_Of_Alpha) March 14, 2023
The de-pegging of USDC and SVB liquidation recently produced substantial market volatility, which resulted in a steep decline in the value of critical cryptocurrencies, including Ethereum.
But, since money was put into the market stabilization fund, investors’ confidence in the market has returned, and Ethereum’s price has significantly recovered. As we mention above, the cryptocurrency Ethereum has performed admirably over the past several days, rising in value by more than 17%, the biggest increase in value in 250 days.
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