The second-largest market cap cryptocurrency, ETH, has maintained stability by finding support near $1,500. Even so, analysts believe that a recovery is unlikely to occur before the upcoming Shanghai hard fork.
Ethereum’s price is currently circling at $1,555, having dropped 1% over the past 24 hours.
When the Shanghai hard fork occurs in early April, investors who locked their ETH in the Beacon Chain smart contract to aid the network’s transition from a proof-of-work (PoW) to a proof-of-stake (PoS) consensus process are anticipated to withdraw the tokens.
Some analysts predict that the much awaited upgrade will push the price of Ethereum above $2,000 while others predict a further decline as stakeholder access their ETH trapped in the smart contract and begin to sell.
Today’s Ethereum Price
| DATE | ETC | USD |
|---|---|---|
| Today | 01 | $ 1,534.86 |
Ethereum Price Prediction
The cryptocurrency market has been in a dangerous situation for several weeks, even as Federal Reserve Chief Jerome Powell spoke before the Senate Banking Committee on Tuesday.
As Powell stated that interest rates were likely to increase and by a bigger amount than anticipated by market observers, he did not hold back, citing severely unfavorable economic statistics since the previous review in early February.
Bearish forces are likely to be in charge as investors favor fixed-income goods and the strengthening US dollar over other assets, which will cause the cryptocurrency market to suffer. Powell’s comments have been seen as a warning that, if one hasn’t already arrived, a recession is on the horizon.
A severe approach from US regulatory agencies, which have vowed to enhance industry regulation in the wake of the abrupt collapse of FTX exchange in November, must also be overcome by the price of ethereum and the cryptocurrency market.
US-based crypto companies are under pressure, which has been made worse by the recent information that Silvergate, a bank that supports cryptocurrencies, is assessing its capacity to remain in operation.
