• The short-term recovery of ETH could depend on the USD and interest rates trend.
• Technical indicators suggest short-term consolidation.
• Ethereum holders are hoping for a respite from the bears, with some expecting the Shanghai upgrade to help.
ETH’s Short-Term Recovery
The first few days of March have failed to give Ethereum [ETH] holders a much-desired breather. Despite the reality of despair, any hope for respite could depend on one condition, according to Chris Burniske. The ex-crypto investment head at ARKInvest opined that ETH, alongside Bitcoin [BTC], would only recover if the dollar and interest rates drop.
For much of February the dollar and rates went higher, while crypto hung in there. However, technical indicators such as Bollinger Bands (BB) and Directional Movement Index (DMI) suggest that ETH might not be ready for a rally yet. In addition, liquidations over the past few days have faded signs of a bullish crossover.
Some ETH holders are optimistic that the Shanghai upgrade could offer a slide ways from the bears. This upgrade is expected to bring numerous improvements related to scalability, security and privacy features which could boost confidence in Ethereum’s blockchain network.
Market Cap in BTC Terms
Realistic or not, here’s ETH’s market cap in BTC’s terms Striving for stronghold Recall that the first two months of the year brought glaring greens to the market, with the top two cryptocurrencies earning gains for their holders. In addition, tools such as Ethereum Profit Calculator can be used by investors to check their portfolio performance against current market conditions.