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Machine learning algorithm sets Ethereum price for June 30, 2023

Machine learning algorithm sets Ethereum price for June 30, 2023

Despite weeks of bearishness exacerbated by lawsuits against major crypto exchanges, the majority of the cryptocurrency market has turned over a greener leaf, and Ethereum (ETH) is no exception, with machine learning algorithms predicting a continuation of the positive price trend toward the end of the month.

Specifically, Finbold consulted the crypto forecast platform PricePredictions on the price of Ethereum on June 30, 2023, and its charts have suggested that the second-largest cryptocurrency by market capitalization would trade at an average price of $1,956.92 by that date, as per data on June 7.

Ethereum 30-day forecast. Source: PricePredictions

In fact, according to the algorithm that deploys indicators such as Bollinger Bands (BB), average true range (ATR), moving average convergence divergence (MACD), relative strength index (RSI), and others, Ethereum will grow 5% from its price at press time.

Ethereum price analysis

As things stand, Ethereum is currently trading at the price of $1,863.69, indicating a gain of 3.48% in the last 24 hours, a decline of 0.24% across the previous seven days, and an increase of 0.24% on its monthly chart, according to the information accessed on June 7.

Ethereum 24-hour price chart. Source: Finbold

At the same time, the 1-day technical analysis (TA) gauges over at the finance and crypto tracking website TradingView are generally bullish on Ethereum, suggesting a ‘buy’ at 14 – as summarized from oscillators in the ‘neutral’ at 8 and moving averages (MA) pointing at a ‘buy’ at 12.

Ethereum 1-day gauges. Source: TradingView

Soaring ETH whale trades

Meanwhile, the Ethereum network has witnessed massive whale activity, in which some of the largest investors have sold or distributed more than 1.6 million ETH over the previous 48 hours, as observed by the crypto trading expert Ali Martinez in a tweet on June 7.

Ethereum whale activity. Source: Ali Martinez

Shortly after, replying to the tweet by user Lookonchain, who noted that crypto trading firm Cumberland had bought the bottom, Martinez posted the above chart, adding that “Somebody sold the top.” Indeed, in accordance with the latest prices, this means that around $2.98 billion worth of Ethereum has changed hands in just two days.

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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