ETH Price Prediction: Today’s Ethereum Price, 12th March 2023

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12th Mar, 2023. 12:30 am
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Ether (ETH) has been able to restore some of its calm following the release of a mixed US employment data for February, which saw it briefly go below the $1,400 mark for the first time in nearly two months earlier in the session.

When US wage growth came in lower than anticipated and following a surprising increase to 3.6% in the US unemployment rate, ETH, the cryptocurrency that drives the smart-contract enabled Ethereum blockchain, was last trading close to $1,425.

As a result, Ether is still down about 1% for the day and nearly 7% for the past 24 hours.

The price of ETH plummeted from the mid-$1,500 range due to worries about the failure of cryptocurrency-friendly Silvergate Bank and a rising liquidity crisis at another cryptocurrency-friendly bank, SVB Financial.

Once the New York Attorney General referred to Ether as a security in its ongoing lawsuit against KuCoin, sell pressure increased.

The US Securities and Exchange Commission is reportedly considering a crackdown on Ether on the grounds that it is an unregistered security, which has caused concern in the crypto markets in recent weeks.

Some have also said that the next budget from the Biden administration, which aims to crack down on crypto tax loss harvesting, may have a negative impact on prices.

Today’s Ethereum Price

DATE	ETC	USD
Today	01	$ 1,452.70

Ethereum Price Prediction

As long as ETH is able to maintain above $1,400, there hasn’t been a sustained, convincing break below the critical $1,423 level of the 200-Day Moving Average. The 200DMA has been hailed as a crucial support level for 2023 and served as strong resistance in 2022.

A sustained break above the 200DMA (as seen earlier this year) is considered as a vital indicator of a favorable shift in the market’s medium-term momentum, hence a break below it would be a devastating blow to the medium-term bullish ETH thesis. It might be argued that this momentum would have vanished if ETH drops back below $1,400.

Next week’s important US CPI inflation data release will be closely watched. ETH bulls will be looking for a downside surprise in the data that causes markets to further discount the possibility of a 50 basis point rate hike from the Fed later this month. Bulls will also be looking for some quiet over the issues US banks that support cryptocurrencies are having.

If ETH does bounce, key resistance in the form of the February lows is located around $1,460 to watch out for. Bears will be watching for a retest of $1,350 as support on the downside.

A breach below this level might lead to a retest of the lows from last November under $1,100.

This is a crucial region of support, according to DeFi Llama, who used on-chain statistics, because a break below it would result in a large $68 million in liquidations of long bets put out on decentralised exchanges (DEX).

DeFi Llama advises traders to keep an eye on the price around $1,240, where $30 million in DEX long positions could be lost.

ETH Price Prediction: Today’s Ethereum Price, 12th March 2023

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