Many cryptocurrencies are still recovering from a brutal crash caused by the bankruptcy of FTX. Ethereum, the second largest cryptocurrency by market capitalization, is witnessing a price rally. Ethereum price has managed to get back above $1,600 after much struggling.
Despite the high transaction fees and slow transaction speed, Ethereum has remained one of the most trusted cryptocurrencies in the world. At the time of writing, the ETH price has been hovering around $1,644.38 with a gain of 4.05% over the past seven days.
Source – CoinMarketCap
Ethereum price is aiming for $1,800
Leading up to January-February 2023, ETH experienced a significant price increase. It could be the result of big announcements from big companies like the European Investment Bank and Visa.
The European Investment Bank: EIB is using Ethereum again in its quest to tokenize capital markets. The bank will issue the first-ever digital pound sterling (GBP) bond on the Ethereum blockchain. Visa: A trusted leader in digital payments also announced plans to transact USD Coin through Ethereum.
Ethereum’s rising triangle pattern gives hope that ETH price could reach $1,800 by the end of February 2023.
Is Ethereum a Good Investment for 2023?
As with any other cryptocurrency, there is no guarantee of how Ethereum will perform in 2023. The price of Ethereum can continue to rise throughout the year or fall below the low of the low. Despite the massive price drop following the announcement of FTX’s bankruptcy, ETH clearly has no plans to leave its high position.
Ethereum can be a good investment option for those looking to diversify their portfolios or make long-term investments to reap maximum benefits in the future.
Also Read: Ethereum Based Tokens Showing Bullish Signs in February 2023
Disclaimer: The information in this article is solely the opinion of the author and not investment advice. Please DYOR.
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