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Ethereum Price Prediction: How High Can ETH Go?
Ethereum price has been on a three-day rally, compensating for its last week’s losses. The largest altcoin by market capitalization has climbed by more than 43% in the year to date and nearly 4% in the past week. As of the time of writing, ETH was trading 2.66% higher at $1,720.53.
Catalysts Behind ETH’s Rally
Ethereum price has been on a strong bullish uptrend for the past three days, following closely behind Bitcoin. Over the past 24 hours, Ethereum’s total market capitalization has jumped nearly 9%, while the total volume of the altcoin traded rose 81%.
There are several catalysts behind Ethereum’s rally. First, the overall bullish sentiment in the crypto market has pushed the second-largest cryptocurrency higher. Statistics by CoinMarketCap show that the overall crypto market cap has skipped 7% higher over the past 24 hours to $1.12 trillion. The total crypto market volume has also climbed 60% over the last day.
Second, while most coins are experiencing inflation, Ethereum’s supply is deflating. Last year, Ethereum’s network completed a Merge, which works to reduce the amount of ETH circulating. Throughout the months after the Merge, Ethereum’s supply has been decreasing steadily. A decline in supply serves as a bullish basis for the altcoin since lower supply means increased demand which is a recipe for spiked prices.
Third, Bitcoin’s rally has seen most digital assets jump higher over the last three days. Bitcoin price has been on a three-day rally boosted by the decline in the US inflation in January. Being the largest cryptocurrency by market cap, BTC’s performance affects the overall outlook in the crypto sector. Bitcoin’s dominance has increased by 0.88% to 42.76% in the past 24 hours.
Ethereum Price Analysis
Ethereum price has been among the strongest cryptocurrencies since the start of the year. The altcoin was hovering slightly above the key resistance level of $1,700 later Thursday. On the daily chart, ETH has managed to move above the 25-day and 50-day moving averages. Its Relative Strength Index (RSI) has moved higher, pointing to an increase in buying pressure.
Therefore, with enough liquidity and volatility in the market, Ethereum is likely to extend its rally as buyers target the important resistance level of $1,800. A breach above the aforementioned resistance level will see ETH move to the key resistance level of $2,000.
Bitcoin price has been hovering above its highest level since June 2022 over the past few hours. The largest cryptocurrency by market cap has jumped by 28.30% in the past week, while its year-to-date price inches higher to 70.63%. Bitcoin’s total market cap has increased by 4.77% over the last 24 hours to $547.7 billion, while the total volume of the coin traded rose by 50%.
BTC Skyrockets
Bitcoin price was rallying on Monday as most altcoins slumped, led by the largest altcoin by market cap, Ethereum. The global crypto market cap has increased 2.49% over the last day to $1.18 trillion, while the total crypto market volume jumped 34.88%. Bitcoin’s dominance inched 0.98% over the past 24 hours to 46.34%, its highest level since June 2022.
The recent global banking crisis in which three major banks in the US were closed within days has pushed the BTC price higher. Silvergate Capital, Signature Bank, and Silicon Valley Bank recently disclosed operational difficulties, prompting regulators to shut them down.
Switzerland’s largest banking institution, UBS, announced on Sunday that it had entered a merger deal with its embattled rival Credit Suisse. UBS announced that it would buy its rival for $3.25 billion, with Swiss regulators playing a key role in the ideal. According to the Swiss National Bank, the merger will secure financial stability and protect the Swiss economy.
Bitcoin reacted positively to the news, cruising…
Solana price joined in on the recent rally in the global cryptocurrency market, jumping nearly 17% in the past week. Solana has made substantial gains this year, climbing 102% in its year-to-date price. SOL ranks as the 11th largest cryptocurrency after Binance USD and ahead of Polkadot. Despite the altcoin’s recent rally, the total volume of the coin traded has continued to dwindle.
Fundamentals
Solana price was trading slightly higher on Friday as Bitcoin and other altcoins extended their rally despite the bank contagion fears weighing on the markets. Bitcoin and Ethereum have been leading the recent rally in the market, jumping more than 30% and 20% in the past week, respectively.
Investors have welcomed the resilient crypto prices amid the recent crisis in the banking sector this week. The week started with the collapse of Signature Bank and Silicon Valley Bank on Sunday until the focus shifted to Credit Suisse and First Republic Bank. Traders have been digesting the fate of Credit Suisse even after the bank said that it would borrow up to 50 billion Swiss Francs from the Swiss National Bank.
Several analysts have linked the recent rally in the crypto market to lingering bank worries. Even so, crypto prices are heavily influenced by inflation and the Federal Reserve interest rate hikes. According to analysts, the recent decline in banking stocks points to the vulnerability of traditional institutions, raising liquidity concerns…
Bitcoin price has been on a 4-day consecutive rally, jumping more than 29% since Friday when Silicon Valley Bank collapsed. Despite the tough year so far, BTC has been among the best-performing cryptocurrencies, jumping 57% in the year to date. At the time of writing, Bitcoin was trading 7% higher at $25,820.
BTC is Outperforming
Bitcoin price has been rallying in its recent trading sessions despite the collapse of the Silicon Valley Bank last week on Friday. The coin’s recent rally has been largely boosted by the current bullish momentum in the markets. Bitcoin’s coin market cap has increased by more than 7% in the past 24 hours, while the total volume of the coin traded slipped 8%.
Data by Coinmarketcap shows that the global crypto market cap has increased further by 5.19% to $1.13 trillion, while the total crypto market volume has decreased by 15.96% over the same period. Bitcoin’s dominance has increased by 0.83% over the last day to 44.24%.
The rally in the crypto market has been intricately linked to the recent US Consumer Price Index (CPI) data. The Bureau of Labor Statistics (BLS) reported a 0.4% increase in inflation in February from January, matching consensus estimates by analysts.
The CPI reading declined to 6% year on year, down from 6.4% in January, in line with market expectations. The core CPI, which excludes volatile food and energy prices, came in at…
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