Although the overall sentiment for the global crypto market continues to waver between bearish and neutral, September ended slightly positive for most cryptocurrencies, including the leading layer 1 blockchain for Web3, DeFi and DApps: Ethereum (ETH).
Ethereum’s landscape has changed a lot in recent years, making most of its supporters enthusiastic about the long-term projections of the second-largest cryptocurrency by market capitalization.
From implementing a burning mechanism for a portion of gas fees to migrating to a more efficient consensus algorithm with Proof of Stake (PoS), the Ethereum network has increased its value to its users and investors.
In this context, Finbold has verified what the expected result is for ETH: the price. Data recovered on October 4, CoinCodexAI-powered price prediction algorithms show a positive forecast for Ethereum between now and December 31, 2023.
It should be noted that the artificial intelligence sets a price of $2,553.14 for ETH at the end of 2023. This forecast represents an increase of more than 50% in the price of Ethereum since the CoinCodex current index price of $1,653.12.
ETH price forecast for 2024
Despite seeing a favorable bull market for ETH over the next few months, AI’s short-term sentiment still deems “now is a bad time to buy Ethereum.” This happens due to 19 of the 30 green days for the leading asset Web3, with two major price resistances at $1,650 and $1,805 with the 50-day and 200-day SMAs, respectively.
However, artificial intelligence predicts that Ethereum will reach $3,243 in the next six months, representing close to 100% gains from current prices at the time of publication. Besides, CoinCodexPrice prediction algorithms also believe that ETH will trade up to $5,000 within a year.
Ultimately, this forecast mainly considers technical analysis indicators and general market sentiment, and cannot be considered in isolation. The ability of Ethereum price to meet the above prediction will largely depend on future developments, news, and macroeconomics that are yet to come.
Disclaimer: The content of this site should not be considered investment advice. The investment is speculative. When investing, your capital is at risk.