The ongoing bullish sentiment that has swept the majority of assets in the cryptocurrency sector has not left out Ethereum (ETH), and machine learning and artificial intelligence (AI) algorithms predict more advances for the largest altcoin by market capitalization in the near future.
Specifically, Ethereum could continue to improve its price this month, possibly even reaching $4,005.01 by March 31, 2024, according to the latest predictions by the advanced price projection algorithms developed by the crypto analytics and forecasting platform PricePredictions, per data on March 6.
Ethereum 1-month price forecast. Source: PricePredictions
In other words, Ethereum could increase by 4.65% by that time, provided that the algorithm, which relies on indicators like average true range (ATR), moving average convergence divergence (MACD), relative strength index (RSI), and Bollinger Bands (BB), proves correct.
Ethereum 30-day price chart. Source: Finbold
Meanwhile, the popular digital asset is boasting a ‘strong buy’ sentiment on all of its technical analysis (TA) gauges based on oscillators and moving averages (MA) both demonstrating optimism, according to the information retrieved from finance and crypto analytics website TradingView.
Ethereum 1-day technical gauges. Source: TradingView
Bullish factors
All things considered, Ethereum could, indeed, increase its price and reach the target set by the machine algorithm, provided it retains its bullish momentum, aided by the potential for an Ethereum spot exchange-traded fund (ETF), which could significantly impact price in the coming months.
In 77 days the final deadline for the Spot #Ethereum ETF will come.Don't be fooled, the next big narrative is going to be $ETH.And #Ethereum will outperform #Bitcoin in 2024. pic.twitter.com/hkMFR3ZFid
— Crypto Rover (@rovercrc) March 6, 2024On top of that, as crypto trading expert Michaël van de Poppe noted in his analysis, the Ethereum ecosystem is looking forward to a major network upgrade called Dencun on March 13, which in itself could boost the optimistic sentiment for the asset that is “the next in line for a potential all-time high test.”
Ethereum Dencun upgrade in 1 week.Bitcoin halving in 1 month.And you're selling your coins on this dip, anon?NGMI.
— Route 2 FI (@Route2FI) March 5, 2024That said, things in this industry may sometimes change on a whim, which is why it is critical to carry out one’s own detailed research and weigh all the risks, as well as keep up with the related developments before investing a significant portion of money into any asset.
Disclaimer: The content on this site should not be considered investment advice. Investing is speculative. When investing, your capital is at risk.
