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.
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.
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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.
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.
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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