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Machine learning algorithm sets Ethereum price for June 1, 2023

Machine learning algorithm sets Ethereum price for June 1, 2023

Over the past week, Ethereum (ETH) has demonstrated remarkable stability in its price movements, in contrast to Bitcoin (BTC), which has experienced a decline and fell below the $27,000 mark. However, it is crucial to note that Ethereum, as the second-largest market capitalization asset, has displayed resilience and exhibited signs of strength during this period.

This stability in Ethereum’s price suggests a certain level of confidence and investor trust in the asset. It signifies that despite the overall market fluctuations, Ethereum has managed to hold its ground, attracting potential investors and maintaining a relatively steady value.

With this in mind, Finbold has consulted the machine learning algorithms over at the cryptocurrency analytics and prediction platform Price Predictions, which set the price of ETH at $1,792 on June 1, 2023, according to the latest data accessed on May 22.

ETH 30-day price forecast. Source: PricePredictions

The algorithms, which rely on technical analysis (TA) indicators, such as moving average (MA), relative strength index (RSI), moving average convergence divergence (MACD), average true range (ATR), and Bollinger Bands (BB), predict a decline of -1.3% to Ethereum price at press time, which is price expected to continue gradually decline over the end of the month.

Ethereum price analysis

Currently, Ethereum is trading at $1,816, reflecting a slight increase of 0.06% for the day. However, over the course of the week, ETH has experienced a decline of 0.56%. These price movements indicate a relatively stable performance with some downward pressure in recent days.

ETH 1-day price chart. Source: Finbold

Analyzing the support and resistance levels, we find that $1,720 acts as a crucial support level for Ethereum, indicating a price point where buying interest is expected to be strong and potential downward movements may be limited. On the other hand, $1,894 represents the resistance level, serving as a price point where selling pressure may intensify, potentially limiting upward movements unless surpassed.

In terms of market capitalization, Ethereum boasts a total market cap of $218.5 billion, highlighting its significant position within the cryptocurrency market.

Meanwhile, the technical analysis over at TradingView suggests a largely bearish sentiment around ETH. Indeed, according to the analysis, the one-day gauges indicate a ‘sell’ at 10, which is the summary of oscillators in the ‘sell’ zone at 2, and moving averages with a ‘sell’ at 8.

ETH technical analysis. Source: TradingView

Whether the machine algorithm-based projections come true or ETH manages to turn the tide will depend on its further developments in the space and how long Ethereum can continue to show strength as Bitcoin struggles to break resistance at $27,600.

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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