In the upcoming challenging cryptocurrency market week, the situation at Ethereum (ETH) does not seem to have changed much. Ethereum continues to suffer losses, and machine algorithms are not optimistic about this possible future king of counterfeit coins
In the upcoming challenging cryptocurrency market week, the situation at Ethereum (ETH) does not seem to have changed much. Ethereum continues to suffer losses, and machine algorithms are not optimistic about this possible future king of counterfeit coins. At this moment, a question arises in the minds of investors: Will ETH experience an increase?
Is buying Ethereum reasonable?
PricePredictions is a website that stands out for its cryptocurrency price prediction, utilizing machine learning algorithms to predict ETH prices. According to algorithm data as of October 12, ETH prices will continue to decline until October 31, 2023, with a trading price of $1484.94.
Based on the results of various measurement tools used in the algorithm, including relative strength index (RSI), Bollinger line, and moving average convergence divergence (MACD), if this prediction is proven correct, Ethereum will experience a 4% current price decline.
However, another price prediction algorithm from CoinCodex, a cryptocurrency analysis website, gave different results. The algorithm predicts that Ethereum prices will rise and predicts that they will reach $1784.76 by the end of October. If this situation becomes true, the price of ETH will increase by 15.38%.
What is the current price of Ethereum?
When I was writing this article, we looked at ETH's chart and found that prices have fallen by 2.4% in the past 24 hours. After this decline, the trading price of the counterfeit coin was $1527. Observing the overall price trend of ETH, we found that it fell by 5.25% per week and 3.76% per month.
Meanwhile, a review of ETH's weekly technical analysis (TA) indicator shows that the oscillation indicator based on position 2 indicates a downward trend of "strong selling", while position 14 based on the moving average (MA) indicates that "selling" still exists.
Considering all these factors, investors' long-term expectations for Ethereum seem hopeful. Standard Chartered Bank is one of the world's leading banks, and recent reports have shown a similar view, predicting that prices will rise to $8000.
However, due to whales being sold or seeking new owners, the short-term rise in ETH may face temporary risks as its quantity exceeds 5 million.
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