2023 has been a great year for Ethereum (ETH), summing up $74.5 billion to its capitalization year-to-date (YTD). This amounts to an increase of 50.9% from the $146.31 billion market cap observed on January 1.
Moreover, investors are continuously staking ETH, with subsequent all-time highs for the total value staked in the Ethereum 2.0 smart contract. It recently achieved the value of a $32 million stake, according to data from CryptoQuant retrieved by Finbold on November 4.
Ethereum: Total Value Staked. Source: CryptoQuant
Within the current positive outlook for Ethereum and the cryptocurrency market expectations for a coming bull market in 2024, Finbold asked ChatGPT to forecast a price range for ETH by the start of the next year.
Ethereum price prediction for 2024 Source: Finbold (ChatGPT-4 Telegram Bot)
Additionally, it has also pointed toward technical analysis indicators to justify the mentioned price range for Ethereum.
“Analyzing with indicators like Moving Average Convergence Divergence (MACD), Relative Strength Index (RSI), and Bollinger Bands, Ethereum is on a bullish trend.”
— ChatGPT-4However, the ChatGPT also mentioned that factors like regulatory changes or a significant tech advancement by competitors could potentially drop ETH’s value in 2024. With that in mind, investors and cryptocurrency traders must continuously monitor their position and adjust accordingly as the new year arrives.
Disclaimer: The content on this site should not be considered investment advice. Investing is speculative. When investing, your capital is at risk.
