Price: $0.38294 1.3782%
Market Cap: 56.25B 1.7322%
Volume (24h): 8.05B 0.4%
Dominance: 1.7322%
Price: $0.38294 1.3782%
Market Cap: 56.25B 1.7322%
Volume (24h): 8.05B 0.4%
Dominance: 1.7322% 1.7322%
  • Price: $0.38294 1.3782%
  • Market Cap: 56.25B 1.7322%
  • Volume (24h): 8.05B 0.4%
  • Dominance: 1.7322% 1.7322%
  • Price: $0.38294 1.3782%
Home > Information news > AI forecasts Ethereum price for the end of 2023

AI forecasts Ethereum price for the end of 2023

Release: 2023/10/05 00:16 Reading: 231

Original author:TheBitTimes

Original source:https://coinmarketcap.com/community/articles/651d78122a3cd80b07affe00

Although the general sentiment for the global crypto market remains floating between bearish to neutral, September ended slightly positive for most cryptocurrencies, including for the leading layer-1 blockchain for Web3, DeFi, and DApps: Ethereum (ETH).

Ethereum’s landscape has changed a lot in the last few years, which most supporters see with enthusiasm for long-term projections to the second-largest cryptocurrency by market cap.

From the implementation of a burning mechanism for a portion of gas fees to the migration for a more efficient consensus algorithm with the Proof-of-Stake (PoS), the Ethereum Network has grown in value for its users and investors.

In this context, Finbold has checked what the expected outcome for ETH is — price regarding. Data retrieved on October 4, from CoinCodex‘s AI-powered price prediction algorithms shows a positive forecast for Ethereum from now to December 31, 2023.

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Notably, the artificial intelligence sets a price of $2,553.14 for ETH by the end of 2023. This forecast represents an increase superior to 50% in Ethereum’s price from the CoinCodex index’s current price of $1,653.12.

ETH price forecast for 2024

Despite seeing a favorable bull market for ETH for the next months, the AI’s short-term perception is still considering “It’s now a bad time to buy Ethereum”. This happens due to 19 out of 30 green days for the leading Web3 asset, with two major price resistances at $1,650 and $1,805 with the 50-day and the 200-day SMAs, respectively.

Nevertheless, the artificial intelligence predicts Ethereum to reach $3,243 in the next six months, for close to 100% in gains from current prices at the time of publication. Additionally, CoinCodex‘s price prediction algorithms also believe ETH will be trading as high as $5,000 a year from now.

All things considered, this forecast mostly considers technical Analysis indicators and general market sentiment, and can not be considered in a vacuum. The ability of Ethereum’s price to meet the above prediction will deeply depend on further developments, news, and macroeconomics that are yet to come.

Disclaimer: The content on this site should not be considered investment advice. Investing is speculative. When investing, your capital is at risk.

Source: https://thebittimes.com/ai-forecasts-ethereum-price-for-the-end-of-2023-tbt65107.html

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