The Ethereum price for March 31, 2023 has been set by the crypto community with a historical accuracy rate of 88%

The recent failures of financial institutions such as Silicon Valley Bank and Silvergate Bank have caused Bitcoin's value to rise from $19,736 to $24,835, carrying the broader crypto market up with it. Ethereum, the leading smart contract platform and second-largest cryptocurrency, has also rebounded from last week's low of $1,379 to regain support at $1,600 and is testing resistance at $1,700 midway through the month. However, despite this bullish turn of events, the crypto community predicts that Ethereum's price may decrease by 7.67% or $129.58 to an estimated average price of $1,560 by March 31. It is important to note that these predictions have had a historical accuracy of 87.72%. The upcoming Ethereum Shanghai update may also affect the price of Ethereum as roughly $28 billion worth of ether that has been staked will become progressively returned to public markets. Despite this, Ethereum whales continue to buy up ETH during the recent market dip, and technical analysis on TradingView shows a 'strong buy' sentiment with moving averages pointing at 'strong buy' and oscillators in the 'buy' area. Ethereum is currently trading at $1,688, up 6.41% in the last 24 hours.