As the majority of the cryptocurrency market resumes its upward move, Ethereum (ETH) is among the assets leading the charge, and artificial intelligence (AI) platforms see more bullishness and advances for the largest altcoin by market capitalization in 2024.
Indeed, Ethereum has skyrocketed almost 10% in the last 24 hours, as it moved to recover from the recent hiccup that saw it accumulate a decline of over 11% on its weekly chart, and advanced AI forecasting algorithms predict further improvement by the year’s end.
Ethereum price prediction 1-year chart. Source: CoinCodex
Meanwhile, machine learning prediction platform CoinPriceForecast has set the price of Ethereum to hit $6,770 (+91%) by the end of 2024, with Ethereum price prediction 2025 expecting it to reach $8,308 by mid-year and close the year at a somewhat lower $7,479.
Elsewhere, the fourth iteration of the OpenAI invention ChatGPT, called GPT-4, has specified the Ethereum price prediction 2024 targets between $3,500 and $4,000, possibly surpassing the $4,000 level “if the market experiences heightened bullish sentiment and favorable regulatory developments.”
Furthermore:
“The potential approval of a spot Ethereum [exchange-traded fund (ETF)] might play a crucial role in ETH reaching and possibly surpassing the $4,000 milestone.”
In the meantime, the latest Anthropic AI model, Claude 3 Opus, has offered a conservative estimate for the price of Ethereum that sees it between $3,800 and $4,200 and an optimistic estimate in the price range between $4,500 and $5,000, or perhaps even higher.
Ethereum price today
For now, Ethereum is changing hands at the price of $3,537.21, suggesting an increase of 9.47% in the last 24 hours, an accumulated loss of 11.16% across the previous seven days, and a 21.93% gain on its monthly chart, according to the most recent data on March 21.
Ethereum price 30-day chart. Source: Finbold
So, why is Ethereum going up? As it happens, the recent price increase coincides with Anatoly Yakovenko, the co-founder of Solana (SOL), expressing support for Ethereum amid the United States Securities and Exchange Commission (SEC) intensifying scrutiny of ETH’s classification.
If the state is against ethereum then I am against the state
— toly ?? (@aeyakovenko) March 21, 2024At the same time, Ethereum’s native token could still be feeling the positive effect of the recent Dencun upgrade, which went live on March 13, as part of the network’s efforts to boost the efficiency of its mechanisms for storing data, as well as reduce gas fees, as Finbold reported at the time.
It is also worth noting that pseudonymous crypto expert CryptoJelleNL has recently highlighted that as long as Ethereum held a critical area above $3,500, the second largest crypto asset could witness a climb to $5,000 “soon enough,” as the analyst explained in an X post on March 21.
Ethereum price action analysis. Source: CryptoJelleNL
All things considered, Ethereum might, indeed, continue to grow its price as the AI platforms predict, but things in this sector can sometimes change on a whim, so doing one’s own research and following the Ethereum news is critical before investing a significant sum of money in it.
Disclaimer: The content on this site should not be considered investment advice. Investing is speculative. When investing, your capital is at risk.
