ETH Price Prediction: Today’s Ethereum Price, 7th March 2023
Over the last 24 hours, the price of Ethereum (ETH) has remained unchanged. After reaching $1,567 over the weekend, it has since decreased by 4% over the past week and 6% over the last 30 days. However, it has gained 31% since the start of 2023, and its recent strength above the $1,550 support level suggests that it is unlikely to drop back to the lows seen in 2018.
Today’s Ethereum Price
Despite the impending Shanghai upgrade, which allows for staking withdrawals and may lead to a brief decline, Ethereum is expected to rise in the long run due to its strong fundamentals and recent positive news from companies such as Coinbase and Visa. Furthermore, ETH has maintained its $1,550 support level since the beginning of February, quickly bouncing back to $1,600 shortly after dropping below it.
ETH Price Prediction
Although there is optimism that ETH will recover quickly from any upcoming decline, the market must be cautious of potential chain reactions from the bankruptcy of Silvergate Bank, a company engaged in the cryptocurrency industry. However, if only Silvergate is affected, the market selloff over the weekend has already priced in the bankruptcy, so it may not cause further harm once it applies for bankruptcy protection.
Ethereum Price Prediction
Despite the potential risks, ETH is still in a better position than most other cryptocurrencies to recover due to its dominant layer-one network and recent upgrades, such as the announcement of Coinbase’s layer-two sidechain, Base. Therefore, it is expected to remain strong in the long run.