As the crypto market approaches the end of a challenging week, the situation doesn’t seem much different for Ethereum (ETH). Ethereum continues to experience losses, and machine algorithms don’t seem to have good ideas for the future king of altcoins. Now, investors have one question in mind: Will ETH rise?
Is it Wise to Buy Ethereum?
One of the websites that stands out with its crypto price predictions, PricePredictions, made a prediction for the ETH price using machine learning algorithms. According to the data obtained from the algorithms on October 12, the ETH price will continue to decline until October 31, 2023, and trade at $1,484.94.
According to the results of various measurement tools, including Relative Strength Index (RSI), Bollinger Bands (BB), and Moving Average Convergence Divergence (MACD), used by the algorithm, if this prediction turns out to be correct, Ethereum will experience a 4% decrease in its current price.
On the other hand, a different price prediction came from the price prediction algorithm on the crypto analysis website CoinCodex. The algorithm, which expects an increase in Ethereum, stated that the price will be $1,784.76 by the end of October. If this happens, it represents a 15.38% increase in the ETH price.
How Much is Ethereum?
As of the time of writing, when we examine the ETH chart, we see that the price has decreased by 2.4% in the last 24 hours. After this decrease, the price of the altcoin is trading at $1,527. When we examine the overall price movement of ETH, we see that it has lost 5.25% on a weekly basis and 3.76% on a monthly basis.
At the same time, when we look at the weekly technical analysis (TA) indicators for ETH, the downward trend that suggests “strong sell” based on oscillators in position 2 and “strong sell” based on moving averages (MA) suggesting “strong sell” at position 14 continues.
Considering all these factors, the long-term expectations for Ethereum seem promising for investors. The recent report from Standard Chartered, one of the world’s leading banks, also showed parallelism with this situation and expected a price movement to $8,000.
However, the short-term upward movement of ETH may be at risk for a while due to the sale or finding new owners of more than 5 million ETH by whales.
