Many cryptocurrencies are still recovering from a brutal crash, brought on by the bankruptcy of FTX. Ethereum, the second-largest cryptocurrency by market capitalization, is witnessing a price rally. Ethereum price has successfully managed to reach back up above $1,600 after struggling a lot.
Despite its high transaction fees and slow transaction speed, Ethereum has remained one of the world’s most dependable cryptocurrencies. At the time of writing, ETH price was hovering around $1,644.38 with a 4.05% gain in the past seven days.
Ethereum Price is Aiming for $1,800
Leading up to January-February 2023, ETH has experienced a significant price surge. It could be the result of major announcements from big firms like The European Investment Bank and Visa.
- The European Investment Bank: EIB to once again leverage Ethereum 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 in USD Coin over Ethereum.
The ascending triangle pattern of Ethereum provides hope that the ETH price could reach $1,800 by the end of February 2023.
Is Ethereum A Good Investment for 2023?
Similar to any other cryptocurrency, one cannot guarantee how Ethereum will perform throughout 2023. Ethereum price could continue to soar throughout the year or dump below the lowest of the low. However, despite the massive drop in its price after the FTX bankruptcy announcement, ETH is obviously not planning on leaving 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.
Disclaimer: The information in this article is solely the author’s opinion and not investment advice. Please DYOR.