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Machine learning algorithm sets Ethereum price for July 31, 2023

Machine learning algorithm sets Ethereum price for July 31, 2023

Amid the broader market rally, the price of Ethereum (ETH) saw notable gains in recent weeks as crypto investors moved to capitalize on the ongoing hype around institutional adoption. 

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 prediction for July 31. Source: PricePredictions

The projection relies on several widely-used technical analysis (TA) indicators, such as the moving average convergence divergence (MACD), Bollinger Bands (BB), and more. 

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. 

ETH 1-month price chart. Source: Finbold

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. 

Ethereum RSI on a 1-day chart. Source: TradingView

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. 

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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