Ethereum (ETH) price has seen notable gains in recent weeks as crypto investors sought to capitalize on the continued hype surrounding institutional adoption amid a broader market rally. .
As the second largest asset by market capitalization, ETH, tries to recapture the critical $2,000 price level, Finbold will focus on cryptocurrency monitoring and cryptocurrency monitoring to gain more insight into potential short-term price volatility for ETH. The predictions made by machine learning algorithms on the prediction platform were analyzed. price prediction It will take place on July 3rd to gauge insight into where it will trade by the end of the month.
Notably, the algorithm predicts that Ethereum will hit $2,105 on July 31, 2023, meaning a price jump of more than 7% from its initial issuance price.
The forecast relies on several widely used technical analysis (TA) indicators such as Moving Average Convergence Divergence (MACD) and Bollinger Bands (BB).
Ethereum price analysis
At the time of writing, ETH was trading at $1,965, up 2.58% over the past 24 hours.
Remarkably, the cryptocurrency surged more than 3.2% over the past month, witnessing 15 days of Green Day during that period.
Year-to-date, the world’s second largest crypto asset is still up more than 63% and still in the green.
Today’s rally brings ETH one step closer to a $2,000 recovery as investors prepare for new US economic data.
The main technical indicator, Ethereum’s Relative Strength Index (RSI), has overcome the major hurdle of 60.00 and is now at 62.70.
If the current momentum can be maintained, it is very likely that ETH will rise above $2,000, consistent with the aforementioned predictions.
Last week, popular cryptocurrency market expert Ali Martinez It pointed out The most important resistance area for Ethereum is between $2,000 and $2,060. If the cryptocurrency breaks through this barrier, we can expect a rally towards $2,330 and even $2,750.
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