Crypto community with 88% historical accuracy sets Ethereum price for March 31, 2023

Crypto community with 88% historical accuracy sets Ethereum price for March 31, 2023

The US financial sector has been rocked by the failure of many financial institutions in the past week, notably Silicon Valley Bank and Silvergate Bank. In response, Bitcoin’s (BTC) value jumped from a low of $19,736 last week to the current level of $24,835, taking the broader crypto market with it.

For example, Ethereum (ETH), the leading smart contract platform and the second largest cryptocurrency by market cap, is now looking bullish after recovering from last week’s low of $1,379 to regain support at $1,600 as it tests resistance at $1,700 mid-month.

However, despite the bullish development, according to 1,565 community votes cast by the members of the crypto tracking platform CoinMarketCap as of press time, ETH is set to change hands at an estimated average price of $1,560 by March 31st, a decrease of -7.67% or -$129.58 to ETH’s current price, according to data retrieved on March 14th.

ETH price estimate at the end of March. Source: CoinMarketCap

It is also important to note that the crypto community estimates for Ethereum over the past six months have had a historical accuracy of 87.72%making them a suitable alternative to the price estimates made by the artificial intelligence (AI) platforms that have set a slightly much lower Ethereum price for the same period at a price of $1,529 by March 31st.

ETH estimation accuracy. Source: CoinMarketCap

Shanghai update

Due to the Ethereum Shanghai update, the roughly $28 billion worth of ether that has been staked will begin to become available in a few weeks. This supply, which at this time cannot be withdrawn or sold, will gradually be returned to the public markets, which will affect the price of Ethereum. That said, crypto trading analyst Ali Martinez noted that Ethereum whales continue to buy up ETH during the recent market decline:

“Ethereum whales with $1,000 to $10,000 ETH added about 400,000 ETH to their holdings in the latest crypto market downturn, worth about $600,000,000.”

ETH March whale buying. Source: Ali Martinez

Regarding the Ethereum Technical Analysis (TA) on the one-day gauges on the financial watch website TradingView is very bullish. The summary is consistent with the “strong buy” sentiment at 16, which is the result of the moving average (MA) pointing to “strong buy” at 14, and oscillators in the “buy” range at 2.

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Ethereum now testing resistance at $1,700, trading at $1,688; it is up 6.41% in the last 24 hours.

ETH 1-day price change. Source: Finbold

Over the past week, ETH is up 8%, with a total market cap of $210 billion.

Disclaimer: The content of this page should not be considered investment advice. Investment is speculative. When you invest, your capital is at risk.

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