To obtain further insights on ETH’s possible price action in the short run as the second largest asset by market cap looks to reclaim the crucial $2,000 price level, Finbold analyzed the predictions by the machine learning algorithm over on the crypto monitoring and prediction platform PricePredictions on July 3 to gauge insight into where it will trade by the end of the month.
Notably, the algorithm expects Ethereum to be $2,105 on July 31, 2023, which, if materialized, would represent a price surge of more than 7% from its price at the time of publication.
Ethereum price analysis
At press time, ETH was trading at $1,965, up 2.58% in the past 24 hours.
Notably, the cryptocurrency gained more than 3.2% over the past month and has witnessed 15 green days during that period.
Year-to-date, the world’s second-biggest crypto asset remains deep in the green, up more than 63%.
Today’s upward move brings ETH a step closer to reclaiming the $2,000 mark as investors prepare for a fresh batch of US economic data.
Ethereum’s relative strength index (RSI) – a key technical indicator – overcame a major hurdle at 60.00, and currently stands at 62.70.
If it manages to retain its current momentum, a move beyond $2,000 would be a very likely possibility for ETH, in line with the aforementioned prediction.
Last week, popular crypto market expert Ali Martinez pointed out the most important resistance area for Ethereum, which stands between $2,000 and $2,060. If the cryptocurrency breaks through this wall, a jump toward $2,330 or even $2,750 can be expected.
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