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Machine learning algorithm sets Ethereum price for October 31, 2023

Machine learning algorithm sets Ethereum price for October 31, 2023

Amid a difficult week for a large part of the cryptocurrency market, Ethereum (ETH) has continued to record losses, and machine learning (ML) algorithms predict more bad times for the second-largest digital asset by market capitalization in the near future.

Specifically, ML-based algorithms used by the cryptocurrency price forecasting platform PricePredictions set the price of Ethereum to reach $1,484.94 by October 31, 2023, as per the most recent information obtained by Finbold on October 12.

Ethereum 30-day price forecast. Source: PricePredictions

Provided that this prediction, relying on indicators such as relative strength index (RSI), Bollinger Bands (BB), and moving average convergence divergence (MACD), proves correct, it would represent a decline of 4% to the current price of Ethereum.

On the other hand, the price prediction algorithm over at the crypto analytics websiteCoinCodex is rather bullish on Ethereum, placing its price at $1,784.76 by the last day of October, which would indicate an increase of 15.38%, should it come true.

Ethereum price analysis

Meanwhile, Ethereum was at press time trading at the price of $1,546.9, down 1.45% on the day, as well as dropping 5.25% across the previous week and losing 3.76% over the past month, according to the most recent charts on October 12.

Ethereum 7-day price chart. Source: Finbold

At the same time, the 1-week technical analysis (TA) gauges over at the finance and crypto monitoring website TradingView are showing a bearish reading for Ethereum that suggests a ‘strong sell’ at 16, as based on oscillators in the ‘sell’ position at 2 and moving averages (MA) suggesting a ‘strong sell’ at 14.

Ethereum 1-week sentiment gauges. Source: TradingView

All things considered, Ethereum’s long-term prospects remain promising, but its short-term upward movements are, indeed, under threat, partially due to the offloading or redistribution of more than 5 million ETH by whales, which have been consistently cashing in on higher prices, as Finbold reported on October 10.

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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