Ethereum Price Prediction as Bulls Hold $1,500 Level – Can ETH Rally Soon?
The second-largest cryptocurrency, ETH is stable as it embraces support at $1,500 however, analysts believe a recovery is unlikely ahead of the scheduled Shanghai hard fork. Ethereum price dodders at $1,555 at the time of writing amidst a -1% change in 24 hours.
Investors who locked their ETH in the Beacon Chain smart contract to help the network transition from a proof-of-work (PoW) to a proof-of-stake (PoS) consensus algorithm are expected to withdraw the tokens when the Shanghai hard fork comes in early April.
Analysts appear conflicted over the impact of the much-awaited upgrade with some saying it would send Ethereum price above $2,000 while others foresee a further drop in price as stakers gain access to their ETH locked in the smart contract and prefer to sell.
The crypto market sustained the position it has kept for the last couple of weeks at the very edge of a cliff as the Federal Reserve Chair Jerome Powell testified before the Senate Banking Committee on Tuesday.
Powell did not mince his words when he said that interest rates were most likely to rise and by a larger margin than expected by market watchers, citing extremely unfavorable economic data since the previous review in early February.
The crypto market is expected to feel the pinch with bearish forces likely to be on the offensive, as investors digress toward fixed-income products and the strengthening US dollar. Powell’s remarks have been interpreted as a warning of a recession beckoning - if it is not already here.
Ethereum price and the crypto market must also brave the tough stance from US regulatory agencies, which have vowed to increase oversight of the industry following the sudden collapse of FTX exchange in November.
US-based crypto firms are
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