Ethereum

Cryptocurrency

Cardano

Bitcoin

<div class="finbold">
 <p class="paragraph">Amid a difficult week for a large part of the cryptocurrency market, Ethereum (ETH) has continued to record losses, and machine <a rel="noopener noreferrer nofollow" title="learning" href="https://thebittimes.com/tag/learning.html">learning</a> (ML) <a rel="noopener noreferrer nofollow" title="algorithm" href="https://thebittimes.com/tag/algorithm.html">algorithm</a>s predict more bad times for the second-largest digital asset by market capitalization in the near future.</p>
 <div></div>
 <p class="paragraph">Specifically, ML-based <a rel="noopener noreferrer nofollow" title="algorithm" href="https://thebittimes.com/tag/algorithm.html">algorithm</a>s used by the cryptocurrency <a rel="noopener noreferrer nofollow" title="price" href="https://thebittimes.com/tag/price.html">price</a> forecasting platform <em>PricePredictions</em> set the <a rel="noopener noreferrer nofollow" title="price" href="https://thebittimes.com/tag/price.html">price</a> of Ethereum to reach $1,484.94 by October 31, 2023, as per the most recent information obtained by Finbold on October 12.</p>
 <figure class="wp-block-image aligncenter"><img decoding="async" src="https://thebittimes.com/image/getimage/?url=https://lh6.googleusercontent.com/W6mvJW5t341VM9XbF5datVVeJWs7kkPy8w3mC5XnSY91WNnqCOCLYB9d89Yyz4BhWOCes2BJTTJlDTjag_r1S4C7BE5eyVUeTMwF-kA0T45X6NXaYXTT7Xgd3MP1GA8DK7ppuLQZiUjE9WjtpF5uQBo" alt>
  <figcaption class="wp-element-caption"><em>Ethereum 30-day price forecast. Source: </em><em>PricePredictions</em>
  </figcaption>
 </figure>
 <p class="paragraph">Provided that this prediction, relying on indicators such as relative strength index (RSI), Bollinger Bands (BB), and moving average convergence divergence (MACD), proves correct, it would represent a decline of 4% to the current <a rel="noopener noreferrer nofollow" title="price" href="https://thebittimes.com/tag/price.html">price</a> of Ethereum.</p>
 <p class="paragraph">On the other hand, the price prediction algorithm over at the crypto analytics website<em>CoinCodex</em><em> </em>is rather bullish on Ethereum, placing its price at $1,784.76 by the last day of October, which would indicate an increase of 15.38%, should it come true.</p>
 <h2 class="wp-block-heading" id="h-ethereum-price-analysis">Ethereum price analysis</h2>
 <div class="not-prose relative overflow-auto scrollbar-hide mb-8 mt-8">
  <div class="relative w-full flex gap-6 snap-x snap-mandatory overflow-x-auto">
   <div class="max-w-[300px]">
    <div class="py-0 first:pt-0 last:pb-0">
     <div class="flex gap-x-4">
      <div class="shrink-0  w-24"><img data-src="https://cdn.thebittimes.com/images/2023/10/12/bfaa7428f1ba73f56b0fb381c53cdf62.webp" alt class=" w-full rounded-md lazy">
      </div>
      <div>
       Cryptocurrency 
       <h3 class="font-bold leading-6 " id="bitcoin-bull-run-to-reignite-if-btc-secures-this-price-level">Bitcoin bull run ‘to reignite’ if BTC secures this price level</h3>
       <div class="sm:flex gap-x-3 mt-2">
       </div>
      </div>
     </div>
    </div>
   </div>
   <div class="max-w-[300px]">
    <div class="py-0 first:pt-0 last:pb-0">
     <div class="flex gap-x-4">
      <div class="shrink-0  w-24"><img data-src="https://cdn.thebittimes.com/images/2023/10/12/004112f2ad478ea73636cbd81de95559.webp" alt class=" w-full rounded-md lazy">
      </div>
      <div>
       Cryptocurrency 
       <h3 class="font-bold leading-6 " id="shib-market-analysis-a-deep-dive-into-price-and-development-dynamics">SHIB market analysis – A deep dive into price and development dynamics</h3>
       <div class="sm:flex gap-x-3 mt-2">
       </div>
      </div>
     </div>
    </div>
   </div>
   <div class="max-w-[300px]">
    <div class="py-0 first:pt-0 last:pb-0">
     <div class="flex gap-x-4">
      <div class="shrink-0  w-24"><img data-src="https://cdn.thebittimes.com/images/2023/10/12/4366973090416f489805283ade1251f1.webp" alt class=" w-full rounded-md lazy">
      </div>
      <div>
       Cryptocurrency 
       <h3 class="font-bold leading-6 " id="ai-forecasts-shib-price-for-the-start-of-2024">AI forecasts SHIB price for the start of 2024</h3>
       <div class="sm:flex gap-x-3 mt-2">
       </div>
      </div>
     </div>
    </div>
   </div>
   <div class="max-w-[300px]">
    <div class="py-0 first:pt-0 last:pb-0">
     <div class="flex gap-x-4">
      <div class="shrink-0  w-24"><img data-src="https://cdn.thebittimes.com/images/2023/10/12/ab91a883e05d11f4c3df6407e82bb239.webp" alt class=" w-full rounded-md lazy">
      </div>
      <div>
       Cryptocurrency 
       <h3 class="font-bold leading-6 " id="ethereum-s-bull-run-at-risk-inside-eth-whales-8-billion-sell-off">Ethereum's bull run at risk? Inside ETH whales' $8 billion sell-off</h3>
       <div class="sm:flex gap-x-3 mt-2">
       </div>
      </div>
     </div>
    </div>
   </div>
   <div class="max-w-[300px]">
    <div class="py-0 first:pt-0 last:pb-0">
     <div class="flex gap-x-4">
      <div class="shrink-0  w-24"><img data-src="https://cdn.thebittimes.com/images/2023/10/12/c70ad0f05ab1a820c8469b1baf0dd4e4.webp" alt class=" w-full rounded-md lazy">
      </div>
      <div>
       Cryptocurrency 
       <h3 class="font-bold leading-6 " id="cardano-founder-mocks-vitalik-buterin-s-ethereum-claims">Cardano founder mocks Vitalik Buterin’s Ethereum claims</h3>
       <div class="sm:flex gap-x-3 mt-2">
       </div>
      </div>
     </div>
    </div>
   </div>
  </div>
 </div>
 <div class="mb-4 bg-slate-50 rounded-md layout-adjustment">
  <div id="finbold.com_middle" style="min-width: 300px; min-height: 250px;">
  </div>
 </div>
 <p class="paragraph">Meanwhile, Ethereum was at press time trading at the price of $1,546.9, down 1.45% on the day, as well as dropping 5.25% across the previous week and losing 3.76% over the past month, according to the most recent charts on October 12.</p>
 <figure class="wp-block-image aligncenter"><img decoding="async" src="https://thebittimes.com/image/getimage/?url=https://lh6.googleusercontent.com/tFonaNJ2y-8-YrGALL3diqwlgyTCNmm4SN4Exu506FFHrGgFuKuOQRLv2isehVYTbL9GGX-oAO4FULlAMKywbrx0g19qvpZQM0q4OD9FKgNpVs1GgWb9vJhde82rCH-mOoGrI_9MbA6c2eHjaThwkqk" alt>
  <figcaption class="wp-element-caption"><em>Ethereum 7-day price chart. Source: </em><em>Finbold</em>
  </figcaption>
 </figure>
 <p class="paragraph">At the same time, the 1-week technical <a rel="noopener noreferrer nofollow" title="Category Analysis" href="https://thebittimes.com/analysis.html">Analysis</a> (TA) gauges over at the finance and crypto monitoring website <em>TradingView </em>are showing a bearish reading for Ethereum that suggests a ‘strong sell’ at 16, as based on oscillators in the ‘sell’ position at 2 and moving averages (MA) suggesting a ‘strong sell’ at 14.</p>
 <figure class="wp-block-image aligncenter"><img decoding="async" src="https://thebittimes.com/image/getimage/?url=https://lh5.googleusercontent.com/43wP0KbGbTq7VD2l1bFhGrQSD_Ktuvw7ziOqJR3RMv8489-KhJLtEWNjZcaU3iLSSzflfSmR4dowyZtHvAiTiUSnSp5fMKHCTYl4sf2bZgfZJFCzHiWaAb7OT-tUZwnseb5A4zysbskpMNndBY4ElXI" alt>
  <figcaption class="wp-element-caption"><em>Ethereum 1-week sentiment gauges. Source: </em><em>TradingView</em>
  </figcaption>
 </figure>
 <p class="paragraph">All things considered, Ethereum’s long-term prospects remain promising, but its short-term upward movements are, indeed, under threat, partially due to the offloading or redistribution of more than 5 million ETH by whales, which have been consistently cashing in on higher prices, as Finbold reported on October 10.</p>
 <p class="paragraph"><strong><em>Disclaimer:</em></strong><em> The content on this site should not be considered investment advice. Investing is speculative. When investing, your capital is at risk.</em></p>
 <p class="paragraph"></p>
</div>
<p>Source: <a rel="noopener noreferrer nofollow" target="_blank" href="https://thebittimes.com/machine-learning-algorithm-sets-ethereum-price-for-october-31-2023-tbt66142.html">https://thebittimes.com/machine-learning-algorithm-sets-ethereum-price-for-october-31-2023-tbt66142.html</a></p>

Machine learning algorithm sets Ethereum price for October 31, 2023

Table of Contents

TheBitTimes

Other articles published on Oct 12, 2023

Bitcoin Halving 2024, Aksi Tiongkok Bisa 'Ngefek'?

$131k USDR stablecoin trade results in $0 during value fluctuation

Blockstream Unveils Greenlight: A Game-Changer for Non-Custodial Lightning Services

ARK Invest submits revised Bitcoin ETF proposal to SEC

Will JP Morgan Stock (NYSE: JPM) Show Gains Post Earnings?

Even though the Ethereum Price Remains Under Pressure, Whales Continue to Accumulate ETH!

Join our free newsletter for daily crypto updates!