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AI forecasts Ethereum price for the end of 2023

AI forecasts Ethereum price for the end of 2023

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.

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.

Ethereum price forecast for the end of 2023
Ethereum price forecast for the end of 2023. Source: CoinCodex

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.

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