As the cryptocurrency market has taken a sharp turn for the worse, along with one of its largest assets by market capitalization – Ethereum (ETH) – crypto traders and investors are trying to narrow down the indicators pointing at its potential future movements.
In this context, the machine learning algorithms at the cryptocurrency tracking platform PricePredictions, which rely on moving averages (MA), moving average convergence divergence (MACD), Bollinger Bands (BB), relative strength index (RSI), and other indicators, suggest that Ethereum would trade at the price of $1,529 by March 31.
Based on the above factors, the platform’s algorithms expect the price of Ethereum to decrease by 2.39% by the end of the third month of 2023, in comparison to its price at the time of publication, according to the most recent data accessed by Finbold on March 3.
Meanwhile, the sentiment on the 1-day gauges retrieved from the finance and crypto tracking website TradingView is generally bearish for Ethereum, suggesting ‘sell’ at 13, as summarized from the oscillators pointing toward ‘sell’ at 3 and moving averages also in the ‘sell’ zone at 10.
Ethereum price analysis
Like the rest of the crypto market, Ethereum is currently facing strong selling pressure under the influence of multiple unfavorable developments, which have brought its price down to $1,566 at press time, as it declined 4.56% on the day, adding to the accumulated losses of 5.18% in the past week and 1.28% on its monthly chart.
Whether Ethereum manages to hold above the $1,500 support level or even breach the resistance at $1,700, will largely depend on further developments around the ecosystem itself, such as the Shanghai upgrade that will allow investors to withdraw their staked ETH.
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