In the coming weeks, Ethereum (ETH) appears ready for growth following the positive market dynamics, with expectations rising for an Ethereum spot ETF and Bitcoin‘s (BTC) stabilization after the final test network of the Dencun upgrade on February 7th.
AI’s Prediction for ETH’s Price
Recently, CoinCodex and its artificial intelligence have made predictions about what the price of ETH could be by the end of the month.
It is known that the algorithm used by CoinCodex takes market conditions into account and, accordingly, makes price predictions about the likelihood of ETH gaining value by the end of February.
According to learning algorithms, the predicted price value for ETH is thought to be $2,273 by February 29, which indicates a loss of just under 1% from its current level of $2,322 at the time of writing.
Analyst Predictions for ETH
Although AI predictions are based on technical data, many real-world factors can trigger a price increase for Ethereum in the coming period. The Dencun upgrade is pointed out as the most significant of these.
According to the well-known crypto figure Michael van de Poppe, following a potential Ethereum ETF approval, ETH could rise to $3,500 – $4,000 in the next 3 to 6 months.
van de Poppe highlighted the final test network of the Dencun upgrade on February 7th, the potential for an Ethereum spot ETF, and most importantly, the post-halving period of Bitcoin, suggesting these developments could take ETH to very different levels.
Will ETH Price Drop?
However, many indicators, including the weekly outlook for ETH, seem to show a downward trend, and investors should be cautious. According to crypto analyst Poseidon, a market pullback was observed on February 1st. The analyst added that the market has since recovered, returning to weekly opening levels.
According to the analyst, bulls need to close much higher than the current values to maintain the dominant upward price movement. If this does not happen in altcoins, the price could return to the $2,100 level.
While all this is happening, at the time of writing, ETH was trading at $2,315, which represented a 1.79% increase in the last 24 hours. Additionally, the previous week saw a gain of 4.46% for ETH. The nearest support level for ETH is calculated to be $2,104, while the nearest resistance level is seen at $2,401.
