After a remarkable journey of eight years since its inception, Ethereum (ETH) stands steadfast as the second-largest cryptocurrency in terms of market capitalization.
Its flexible blockchain infrastructure continues to underpin a myriad of applications, ranging from DeFi platforms to robust supply chain systems. Moreover, the transition to a Proof-of-Stake (PoS) consensus model holds promise in addressing scalability concerns and environmental impact.
Currently, Ethereum is eyeing a crucial milestone at the $1,900 level, considering its recent trading activity characterized by a tight consolidation over the past week. In light of this, Finbold has sought insights from the widely-used price prediction tool on PricePredictions.com, which harnesses the power of cutting-edge machine learning algorithms to assess the digital asset’s potential value by the end of August.
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Noteworthy findings from the tool indicate a projected trading price of $1,785 for ETH on August 31, 2023, based on the data retrieved by Finbold on July 31.
The above forecast is based on several key technical indicators, including the moving average convergence divergence (MACD), relative strength index (RSI), Bollinger Bands (BB), and more.
ETH price analysis
ETH is currently trading at $1,866, experiencing a marginal decline of 0.4% for the day, mirroring a similar trend observed throughout the previous week.
The cryptocurrency encounters a support level at $1,811, which is essential in preventing further downward movements, while facing resistance at $1,926, acting as a barrier to potential upward surges. Notably, ETH is positioned above its 200-day simple moving average, indicating a positive long-term trend in its price movement.
In the past 30 days, Ethereum has witnessed only 12 green days, representing 40% of the time, signifying a relatively moderate bullish momentum during this period.
Adding further insight to the analysis, the 1-week technical analysis (TA) demonstrates a mixed sentiment towards Ethereum, suggesting a ‘neutral’ rating of 10 in their summary. This is derived from oscillators currently residing in the ‘sell’ zone at 2, implying a balanced view of the asset’s price action. Additionally, the moving averages (MA) exhibit a ‘buy’ signal at 10, reinforcing some positive outlook for ETH’s future performance.
Considering these indicators and the broader market context, Ethereum appears to be attracting favorable sentiment from analysts and traders, indicating the potential for further price appreciation.
Disclaimer: The content on this site should not be considered investment advice. Investing is speculative. When investing, your capital is at risk.
