Ethereum (ETH) Price Rises By 5% In A Single Week

Ether (ETH) the native cryptocurrency for the Ethereum blockchain has seen sideways movement in terms of its price.

The recent fluctuations in the price of Ether (ETH) have given the cryptocurrency much-needed attention.

Today, at the press time ETH was exchanging hands at $1,641, which means the price of the world’s second-largest cryptocurrency plunged by 2.5%.


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Amid this 2.5% decline in the price of ETH, the market cap of global cryptocurrency also plummeted by 2%.

But it is interesting that despite today’s decline in price, the current price of ETH shows that the currency is up by 5% as compared to its price a week ago.

As compared to the last year, the current price of Ether shows a gain of 37%. It can be argued that since the start of 2023, the global cryptocurrency market is bullish.

But this bullish trend can be addressed as the sentiment where cryptocurrencies take tiny steps in the upward direction.

If we talk about the prices, the majority of digital tokens such as Bitcoin (BTC), Ether (ETH) Cardano (ADA), etc., all have seen increases in their prices.

But these currencies have failed to maintain that increase, unfortunately, economic outcomes and Feds talks are consistently bringing the prices of cryptocurrencies down.

What is next for ETH and what is Current Market Sentiment?

From the start of February 2023 till now, market sentiment is positive and up to some extent it is bullish.

Moreover, the price of Ether (ETH) has also seen a consistent pattern of growth. Market experts are saying that the current technical indicators of ETH are positive.

Which means ETH is in the right direction to grow over time. Apart from the strong technical indicators, its blockchain platform is also among the most used platforms.

Ethereum is that one cryptocurrency that is fortunate enough to receive strong backing from its blockchain, whenever it needed the support.


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As the things stand, market experts unanimously believe that Ethereum can see massive gains in its price, once the Feds will finally make their decision about the policy rate.

The Future Price Expectations from Ether (ETH)

In the past couple of days, the relative strength index of Ether has moved below the 60 mark. The reason that its RSI has declined is economic uncertainty.

The most likely interest rates hike, recession talks and fear of inflation are the reasons that cryptocurrency prices today were down.

A similar goes for the ETH as its price also declined, and so its RSI faltered. But on, the technical front, ETH remained unbaffled.

Similarly, its 30 days moving average is also about to decline, but only for the short term. Coming back to the numbers.

The next level of resistance for ETH is $1,600. It is important for ETH to surpass this level as soon as it could in order to reach its ultimate mark of $2k.

In contrast to a higher level of resistance, if the price of ETH further diminished and went down from its current level then it can cause panic in the market.

As a result, investors can rush the market to sell the ETH tokens. Furthermore, the downward movement can see that the next level for ETH would be the $1500 mark.


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Back on the technical front, ETH is amongst those digital tokens that have immensely strong market fundamentals.

This is due to its very well-structured blockchain, almost 70% of the upcoming cryptocurrency platforms are being launched on ETH.

As long as ETH has high market usability its technical fundamentals will remain uncompromised.

Currently, the currency has a global capitalization of $28.85 billion. ETH alone accounts for 57% of the DeFi crypto sector. Except for Bitcoin, not a single cryptocurrency enjoys the similar perks as Ether does.

But those experts who are tilted towards the stablecoins, believe that ETH is even better than Bitcoin due to its stable nature.

So, if you are one who is willing to invest in Ether, you should know that after the first week of March situation for ETH investors would be ideal.


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