Ethereum

Amid the broader market rally, the price of Ethereum (<a href="https://finbold.com/cryptocurrency/ethereum/" rel="noopener noreferrer nofollow">ETH</a>) saw notable gains in recent weeks as crypto investors moved to capitalize on the ongoing <a href="https://finbold.com/massive-adoption-alert-blackrocks-ceo-once-said-zero-clients-interested-in-crypto/" rel="noopener noreferrer nofollow">hype</a> around institutional adoption.To obtain further insights on ETH’s possible price action in the short run as the second largest asset by market cap looks to reclaim the crucial $2,000 price level, Finbold analyzed the predictions by the machine learning algorithm over on the crypto monitoring and prediction platform PricePredictions on July 3 to gauge insight into where it will trade by the end of the month.Notably, the algorithm expects Ethereum to be $2,105 on July 31, 2023, which, if materialized, would represent a price surge of more than 7% from its price at the time of publication.<img src="https://academy-public.coinmarketcap.com/srd-optimized-uploads/430848663b414645907402f7d3555b52.jpg" />Ethereum price prediction for July 31. Source: PricePredictionsThe projection relies on several widely-used technical analysis (<a href="https://finbold.com/guide/technical-analysis/" rel="noopener noreferrer nofollow">TA</a>) indicators, such as the moving average convergence divergence (<a href="https://finbold.com/guide/macd-indicator/" rel="noopener noreferrer nofollow">MACD</a>), Bollinger Bands (<a href="https://finbold.com/guide/bollinger-bands-definition/" rel="noopener noreferrer nofollow">BB</a>), and more.<h2 id="header-0">Ethereum price analysis</h2>At press time, ETH was trading at $1,965, up 2.58% in the past 24 hours.Notably, the <a href="https://finbold.com/cryptocurrencies/" rel="noopener noreferrer nofollow">cryptocurrency</a> gained more than 3.2% over the past month and has witnessed 15 green days during that period.<img src="https://academy-public.coinmarketcap.com/srd-optimized-uploads/52dc5e0a417542feaadd16730c9d231e.jpg" />ETH 1-month price chart. Source: FinboldYear-to-date, the world’s second-biggest crypto asset remains deep in the green, up more than 63%.Today’s upward move brings ETH a step closer to reclaiming the $2,000 mark as investors prepare for a fresh batch of US economic data.Ethereum’s relative strength index (<a href="https://finbold.com/guide/rsi-indicator/" rel="noopener noreferrer nofollow">RSI</a>) – a key technical indicator – overcame a major hurdle at 60.00, and currently stands at 62.70.<img src="https://academy-public.coinmarketcap.com/srd-optimized-uploads/1e172526d0504d2e9bbb4bfbea1868af.jpg" />Ethereum RSI on a 1-day chart. Source: TradingViewIf it manages to retain its current momentum, a move beyond $2,000 would be a very likely possibility for ETH, in line with the aforementioned prediction.Last week, popular <a href="https://finbold.com/category/cryptocurrency-news/" rel="noopener noreferrer nofollow">crypto market</a> expert Ali Martinez <a href="https://twitter.com/ali_charts/status/1673469437972992001?s&#61;20" rel="noopener noreferrer nofollow">pointed out</a> the most important resistance area for Ethereum, which stands between $2,000 and $2,060. If the cryptocurrency breaks through this wall, a jump toward $2,330 or even $2,750 can be expected.Disclaimer: The content on this site should not be considered investment advice. Investing is speculative. When investing, your capital is at risk.Read more cryptocurrency news on <a href="https://finbold.com/category/cryptocurrency-news/?utm_source&#61;CMC&amp;utm_medium&#61;social&amp;utm_campaign&#61;CMC&amp;utm_content&#61;long" rel="noopener noreferrer nofollow">Finbold.com</a>.

Machine learning algorithm sets Ethereum price for July 31, 2023

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