On January 23, the second largest cryptocurrency, by market capitalization, Ethereum (ETH), was trading in the green above $1,600 after a solid start to 2023.
With the number of Ethereum addresses with a balance greater than zero steadily increasing, reaching a new all-time high of 92.5 million addresses on January 22, there is a chance that ETH/USD may strengthen if Ethereum network activity and usage continue to set new records as the month draws to a close.
Votes cast by the members of the crypto tracking platform CoinMarketCap project that Ethereum will be changing hands at the average price of $1,424 on January 31, 2023, according to the data retrieved by Finbold on January 23.
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Should the estimations of 2,272 member votes prove true, it would mean that the price of ETH by the end of the month will decline further by –12.75% or –$208 compared to its current value, which at press time stood at $1,632.
The performance of the crypto community’s projections for the six previous months has historically set the price of the flagship decentralized finance (DeFi) token with an accuracy rate of 77.77%.
AI ETH price prediction
Meanwhile, the machine learning algorithms at the crypto monitoring portal PricePredictions predict that the price of Ethereum will be $1,315 on January 31, 2023, according to data acquired by Finbold on January 6.
Furthermore, Ethereum’s technical analysis (TA) on TradingView’s 1-day gauges remains positive, its summary aligning with the ‘buy’ sentiment at 16, which is the result of oscillators pointing at ‘neutral’ at 7, and moving averages (MA) indicating a ‘strong buy’ at 13.
Ethereum price analysis
Ethereum is now up 0.55% in the past 24 hours, and recorded an increase of 8% across the previous week, as per the data retrieved by Finbold. Notably, Ethereum now has a market capitalization back above $200 billion after a $54 billion inflow since the start of 2023.
Demand growth might break Ethereum’s $1,680 ceiling, resulting in a price increase to $1,750. However, if prices go below $1,600, the downward trend might continue to about $1,560.
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