{"id":380006,"date":"2023-03-13T12:00:41","date_gmt":"2023-03-13T12:00:41","guid":{"rendered":"https:\/\/insidebitcoins.com\/?p=380006"},"modified":"2023-03-13T12:10:05","modified_gmt":"2023-03-13T12:10:05","slug":"ethereum-price-prediction-will-we-see-a-return-to-1-6k","status":"publish","type":"post","link":"https:\/\/insidebitcoins.com\/news\/ethereum-price-prediction-will-we-see-a-return-to-1-6k","title":{"rendered":"Ethereum Price Prediction: Will We See A Return To $1.6k?"},"content":{"rendered":"

Ethereum is consolidating on its gains the previous day, <\/span>trading at $1,584.74 today<\/span>. The number two ranked cryptocurrency traded at a high price of $1,607 on March 12, 2023, and has maintained its positive price today.<\/span><\/p>\n

Ether started the month positively, trading at $1,663 on March 1, 2023. It returned to $1.5k on March 3 and maintained the price level before a further decline to $1.4k by March 9, 2023. However, Ethereum has remained at the $1.5k price level since March 12, sparking a debate among investors on a possible rebound for the altcoin.<\/span><\/p>\n

Factors Affecting The Price Of Ethereum<\/b><\/h2>\n

Ethereum’s recent price resurgence could be a product of several factors and recent developments on the network. The Ethereum Foundation is a renowned developers’ hub and has unveiled new trends on its network. <\/span><\/p>\n

Here are the latest trends that might be driving its price.<\/span><\/p>\n

Binance Converts $1 Billion Recovery Fund To BTC, ETH, And BNB.<\/b><\/p>\n

Binance established the <\/span>Industry Recovery Initiative<\/span><\/a> in a swift response to the collapse of FTX in 2022. The Industry Recovery Initiative will serve as an aid to struggling crypto projects with exposure to FTX. The fund contains a $1 billion Binance USD Coin (BUSD).<\/span><\/p>\n

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Given the changes in stable coins and banks, #Binance<\/a> will convert the remaining of the $1 billion Industry Recovery Initiative funds from BUSD to native crypto, including #BTC<\/a>, #BNB<\/a> and ETH. Some fund movements will occur on-chain. Transparency.<\/p>\n

— CZ 🔶 BNB (@cz_binance) March 13, 2023<\/a><\/p><\/blockquote>\n