As the cryptocurrency market continues to grow in popularity, investors are looking for ways to predict the price of its digital assets better.
The second most valuable cryptocurrency on the market is Ethereum (ETH). With so many variables affecting the price of ETH, it can be difficult for investors to forecast its price accurately. Thus, investors are increasingly turning to artificial intelligence (AI) to help predict the price of cryptocurrencies such as Ethereum for several reasons.
AI seemingly has the ability to analyze vast amounts of data; with so much data available on Ethereum and the cryptocurrency market as a whole, AI can quickly identify chart patterns and trends. In turn, Finbold has gathered projections made by CoinPriceForecast, the finance prediction platform that uses machine self-learning technology, to gauge Ethereum price for the end of 2023.
According to the latest long-term forecast, retrieved by Finbold on February 23, Ethereum’s price will climb above $2,000 by the middle of 2023 and hit $2,146 by the end of the year marking a 31% increase from today to the year’s end.
Ethereum technical analysis
As new data becomes available, AI can incorporate it into its analysis and adjust its predictions accordingly. AI can provide investors with more up-to-date forecasts as further information becomes available.
However, technical analysis and the opinions of market analysts who have a sense of the sentiment in the crypto market on a day-to-day basis also need to be weighed in to have an overall view of the the cryptocurrency’s future price outlook.
Ethereum’s technical indicators on TradingView‘s one-day gauges are bullish, with the summary aligning with the ‘strong buy’ sentiment at 17 while moving averages are for the ‘strong buy’ at 14. Oscillators are pointing at ‘buy’ with 3.
Meanwhile, crypto trading expert Michael van de Poppe noted that $1,600 is a solid level to look for long positions with Ethereum, with the digital asset likely to continue its uptrend.
“$1,600 is a great level for longing on Ethereum. Most likely, the trend will continue from here.”
Finally, with Ethereum’s Shanghai upgrade on Sepolia set for February 28, investors may see ETH’s price surge sooner rather than later. With the cryptocurrency market continuing to grow and evolve, the use of AI in cryptocurrency investing will likely become even more prevalent.
Disclaimer: The content on this site should not be considered investment advice. Investing is speculative. When investing, your capital is at risk.