The month of February 2023 so far made Ethereum returns flat. Crypto prices recently crashed, causing Ethereum to also follow, reaching a low price of $1,460. However, prices are starting to recover as the crypto market managed to break the $1 trillion valuation again higher. How high will Ethereum go till March 1, 2023? Will Ethereum price go up? Let’s analyze technically ?
Recap: What is Ethereum?
Smart contracts are programs that execute exactly as they are planned without the risk of delay, censorship, fraud, or outside influence. Ethereum is a decentralized, open-source blockchain platform that supports smart contracts. These smart contracts are created using the high-level programming language Solidity, which is then translated into bytecode that can be run on the Ethereum Virtual Machine (EVM), a runtime environment that is installed on Ethereum nodes.
Programmer and co-founder of Bitcoin Magazine Vitalik Buterin introduced Ethereum for the first time in 2013. Since the introduction of the Ethereum mainnet in 2015, the platform has grown to rank among the most popular blockchain platforms for the creation of decentralized apps (dApps). Ether is the name of the Ethereum platform’s native cryptocurrency (ETH).
Is Ethereum UP in February so far?
Well, Ethereum is basically flat. The month of February started with Ethereum price around $1,575. Today, ETH price is around that same price area, specifically around $1,560 at the time of writing. However, we can notice that Ethereum is basically consolidating around the price of $1,580. Despite being a rollercoaster, Ethereum is expected to rise back to its highs of around $1,700.
Ethereum Price Prediction: Will Ethereum CRASH?
The crash of the Ethereum price was also accompanied by the fall of the Bitcoin course. The Ethereum price crash could continue in the following days if the bearish phase in the market continues. We had already predicted this bearish phase in the last few days as Bitcoin prices fell. After the bullish January, a correction was almost certain. Furthermore, the $24,000 mark for Bitcoin was already a resistance in August 2022, from which Bitcoin and thus the market bounced off.
In this case, the Ethereum price could even fall back to the $1,300 mark, returning to a price lower than before the January rally.
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