The popularity of productive Artificial Intelligence (AI) systems is increasing, with ChatGPT leading the way. Now, the world of AI welcomes the latest addition to this field: Google’s Bard.
Bard Starts Making Predictions
Despite still being in the experimental phase, Bard appears to be displaying impressive language processing abilities with practical applications in cryptocurrencies. The unique potential of the tool lies in its ability to generate applicable price predictions for various crypto assets, including Ethereum (ETH).
In this context, as of June 1, information regarding potential future price movements of Ethereum by the end of 2023 was obtained through Bard’s utilization.
Bard pointed out a series of factors that could influence the price, including the continuous growth of decentralized finance (DeFi) and NFT markets, mainstream businesses and institutions’ adoption of the network, and any major changes in the Ethereum protocol. Consequently, Bard suggested that, provided these factors are positive, ETH could reach a level of 2,500 or higher by the end of the year.
Ethereum Price Predictions
In addition, Bard provided information about significant price predictions for the end of 2023 made by reputable institutions and platforms. Among these predictions, financial research company Gov Capital, which uses a combination of technical and fundamental analysis to make cryptocurrency price predictions, anticipates that Ethereum will reach a price of $2,587 by the end of 2023.
On the other hand, DigitalCoinPrice offers an average price target of $2,878, while PricePrediction, using its own AI, proposes that Ethereum will reach a maximum price of $3,000 and a minimum price of $1,808 in 2023.
ETH Price Analysis
Ethereum is currently trading at $1,861, showing a minor decline of 0.36% in the last 24 hours. However, it has experienced a positive trend with a gain of 3.40% over the past seven days.
The slight decrease in price in the last 24 hours could be attributed to various factors such as investors securing their profits or a general downturn in the crypto market. Nonetheless, the overall trend of the past week retains its optimism, indicating the continuation of the upward trend among Ethereum investors.
Key price levels to observe include the support level of $1,784, which corresponds to the 50-day moving average. A drop below this level could signal a more significant price decline. Conversely, the resistance level of $1,941, which represents the 200-day moving average, indicates a potential notable price increase if surpassed.
