ETH Price Prediction: Today’s Ethereum Price, 17th Feb 2023
The price of Ethereum went up by 9% from the day before, reaching $1,689, because the market as a whole went up, in part because of a short squeeze. At this point, it has gone up 7% in a month and 2% in a week. Today’s gains more than make up for losses from the week before.
With a 24-hour trading volume of over $10 billion (at last count, over $13 billion), there is more than enough liquidity for future swings in the coming hours and days. ETH is still one of the most stable cryptocurrencies, so today’s jump could be the start of steady gains for the rest of the year.
ETH Price Prediction
Signs for ETH show that the coin has hit bottom and is on a strong rise with enough momentum to keep going. Its relative strength indicator (in purple) has gone up to 60, which shows that there is more buying pressure but that the token hasn’t been bought up too much yet.
Today’s Ethereum Price
The important resistance level to watch is $1,700. Passing this level, which was last broken in August, could be a sign of a long-term breakthrough for ETH, which is still undervalued by a large amount.
As of this writing, the 24-hour volume of ETH has gone from less than $5 billion over the weekend to more than $13 billion, which is a good sign. It hasn’t been this busy since early January, when it went from $1,400 to $1,550 very quickly.
So, the market has enough cash and a good amount of volatility right now to support more gains over the next few hours and days. Also, as we’ve said many times, ETH is one of the best-positioned currencies to benefit from a market-wide rally because of its fundamentals.
Last week, it was said that the big payment company Visa was testing USDC stablecoin payments on the Ethereum blockchain. This is good news for Ethereum because Visa joining the network is likely to help it grow and solidify its position as the leader.