Machine learning algorithm sets Ethereum price for March 1, 2023
The cryptocurrency sector has found itself under increased regulatory pressure in the past weeks, but despite the difficult times, that didn’t prevent its representative assets from recording some strong gains, including Ethereum (ETH).
Crypto traders and investors are now looking for indicators of further advances or declines with the market’s second-largest asset at the start of next month.
In this context, the machine learning algorithms at the cryptocurrency tracking platform PricePredictions have projected that Ethereum would be changing hands at the price of $1,747 by March 1, 2023, as per data accessed by Finbold on February 21.
Should the predictions of the machine algorithm, which deploys indicators like relative strength index (RSI), Bollinger Bands (BB), moving averages (MA), moving average convergence divergence (MACD), and others, prove correct, this would mean that Ethereum would be trading 3.1% higher from its price at press time.
Meanwhile, the sentiment on the 1-week gauges over at the finance and crypto tracking website TradingView is generally positive and suggests ‘buy’ at 12 – as summarized from the oscillators pointing towards ‘neutral’ at 8 and moving averages sitting in the ‘buy’ zone at 10.
Ethereum price analysis
As things stand, the price of Ethereum currently stands at $1,694, which represents a modest increase of 0.13% over the last 24 hours but, at the same time, a more significant gain of 12.4% across the previous week and a 4.17% growth on its monthly chart.
Whether the second-largest decentralized finance (DeFi) succeeds in reaching the price set by the machine learning algorithms remains to be seen and will largely depend on the developments surrounding the Ethereum ecosystem, such as the long-awaited Shanghai upgrade set to go live in March, that will enable the phased release of staked ETH.
Disclaimer: The content on this site should not be considered investment advice. Investing is speculative. When investing, your capital is at risk.