The price of Ethereum has dropped by 1.5% in the past 24 hours, dipping to $1,663 as the market drops by 0.5% within the same timeframe.
Despite today's loss, ETH is up by 8% in the past week and by 10% in the last 30 days, with the biggest altcoin in crypto also having risen by 39% since the start of 2023.
And even though Ethereum has fallen amid market concerns over the global banking system, it has held strongly to its $1,600 support level, providing it with a good foundation for incoming gains.
So too does the upcoming Shanghai upgrade, which will enable staking withdrawals once it goes live in mid-April, effectively de-risking staking for retail and institutional investors alike.
ETH's chart still looks pretty bullish at the moment, given the status of its main technical indicators.
Its relative strength index (purple) has jumped up to 60 in the past couple of days, having stood at an oversold 30 a little earlier this month.
Likewise, ETH's 30-day moving average (red) has begun rising upwards again, putting more distance between it and the coin's 200-day average (blue), signaling further gains.
It would be an encouraging sign if ETH could decisively rise above $1,700 and stay there, suggesting that threats of further losses had been forestalled.
Of course, with Credit Suisse still in a difficult position (even with a loan from the Swiss central bank), their European and global financial system remains at risk of further shocks.
And if more shocks do arrive, crypto -- along with ETH -- may take further beatings, even if the rally earlier this week might suggest that the market is insulated from fears over the stability of banks.
Assuming that the situation stabilizes from here on out, Ethereum is set up nicely for some gains,Read more on cryptonews.com