Ethereum

2024

Bitcoin ETF

April

<div class="finbold">
 <p class="paragraph">As May approaches, anticipation is building around the potential approval of an Ethereum (ETH) spot ETF. This development has captured the attention of traders and investors, with Ethereum’s status as the second-largest cryptocurrency by market cap suggesting significant potential benefits.</p>
 <p class="paragraph">However, despite the excitement, ETH has been struggling to keep pace with Bitcoin (BTC) in recent times. This 3-year low ETH/BTC exchange rate challenges what enthusiasts call “the flippening”- a hypothetical scenario where Ethereum surpasses Bitcoin as the dominant cryptocurrency by market capitalization.&nbsp;</p>
 <p class="paragraph">Several factors are contributing to this underperformance. One key reason is the decline in activity on Ethereum’s network. The number of active users and the overall transaction volume on ETH’s decentralized applications (DApps) have both dropped significantly.&nbsp;</p>
 <div class="border border-red-300 rounded-xl p-6 not-prose mb-6">
  <h3 class="text-2xl font-black mt-0 flex gap-x-3 mb-5">
   <svg width="32" height="32" viewbox="0 0 32 32" fill="none" xmlns="//www.w3.org/2000/svg"><path d="M4 10.6665V25.3332C4 28.2678 6.392 29.3332 8 29.3332H28V26.6665H8.016C7.4 26.6505 6.66667 26.4078 6.66667 25.3332C6.66667 24.2585 7.4 24.0158 8.016 23.9998H28V5.33317C28 3.8625 26.804 2.6665 25.3333 2.6665H8C6.392 2.6665 4 3.73184 4 6.6665V10.6665ZM8 5.33317H25.3333V21.3332H6.66667V6.6665C6.66667 5.59184 7.4 5.34917 8 5.33317Z" fill="#EF4444"> 
    </path> <path d="M15.996 18.6668L20.4626 14.2815C20.738 14.0166 20.9571 13.6989 21.1068 13.3473C21.2564 12.9957 21.3336 12.6176 21.3336 12.2355C21.3336 11.8534 21.2564 11.4752 21.1068 11.1236C20.9571 10.7721 20.738 10.4543 20.4626 10.1895C19.9074 9.64148 19.1587 9.33422 18.3786 9.33422C17.5985 9.33422 16.8498 9.64148 16.2946 10.1895L15.996 10.4801L15.6973 10.1881C15.1423 9.64023 14.3938 9.33301 13.614 9.33301C12.8341 9.33301 12.0856 9.64023 11.5306 10.1881C11.2552 10.453 11.0361 10.7707 10.8865 11.1223C10.7368 11.4739 10.6597 11.852 10.6597 12.2341C10.6597 12.6162 10.7368 12.9944 10.8865 13.346C11.0361 13.6975 11.2552 14.0153 11.5306 14.2801L15.996 18.6668Z" fill="#EF4444"> 
    </path>
   </svg> Picks for you</h3>
  <div class="grid md:grid-cols-2 gap-x-10 gap-y-3 md:gap-y-5 divide-y divide-gray-300 md:divide-y-0">
   <div class="md:odd:pr-4 md:odd:border-r odd:border-gray-300 pt-3 first:pt-0 md:pt-0">
    'Rich Dad' R. Kiyosaki reveals why he will not buy into Bitcoin ETF <span class="self-center text-xs text-slate-500">24 mins ago</span>
   </div>
   <div class="md:odd:pr-4 md:odd:border-r odd:border-gray-300 pt-3 first:pt-0 md:pt-0">
    SHIB joins CDSA to bring new blockchain solutions to media and entertainment&nbsp; <span class="self-center text-xs text-slate-500">2 hours ago</span>
   </div>
   <div class="md:odd:pr-4 md:odd:border-r odd:border-gray-300 pt-3 first:pt-0 md:pt-0">
    Economist warns ‘too many people long Bitcoin,’ will end up disappointed <span class="self-center text-xs text-slate-500">2 hours ago</span>
   </div>
   <div class="md:odd:pr-4 md:odd:border-r odd:border-gray-300 pt-3 first:pt-0 md:pt-0">
    Warren Buffett on inflation: Strategies for sustainable growth <span class="self-center text-xs text-slate-500">19 hours ago</span>
   </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">This decline is concerning because DApps are the heart of the Ethereum ecosystem. They are the platforms that enable users to interact with decentralized finance (DeFi), non-fungible tokens (NFT), and other blockchain-based functionalities.&nbsp;</p>
 <p class="paragraph">When user engagement with DApps drops, it suggests that there might be underlying issues with the Ethereum network itself, or a lack of innovation and development within the DApp ecosystem.</p>
 <p class="paragraph">Adding to ETH’s woes is the rise of Solana (SOL). This competing blockchain has been grabbing market share in the DeFi space, particularly fueled by recent trends in memecoins and stablecoin transfers.</p>
 <h2 class="wp-block-heading" id="h-forecasting-eth-s-potential-trajectory">Forecasting ETH’s potential trajectory</h2>
 <p class="paragraph">Leveraging machine <a rel="noopener noreferrer nofollow" title="learning" href="https://thebittimes.com/tag/learning.html">learning</a> algorithms, financial analysts project a cautiously bullish outlook for Ethereum’s <a rel="noopener noreferrer nofollow" title="price" href="https://thebittimes.com/tag/price.html">price</a>. These artificial intelligence (AI)-driven tools forecast a continuation of the positive trend, potentially propelling ETH to $3,633 by the end of April.&nbsp;</p>
 <figure class="wp-block-image size-large"><img decoding="async" width="1024" height="423" src="https://cdn.thebittimes.com/images/2024/04/12/551d81556f63d9666bd2d281b4f66962.webp" alt class="wp-image-168315" srcset="https://cdn.thebittimes.com/images/2024/04/12/551d81556f63d9666bd2d281b4f66962.webp 1024w, https://cdn.thebittimes.com/images/2024/04/12/551d81556f63d9666bd2d281b4f66962.webp 300w, https://cdn.thebittimes.com/images/2024/04/12/551d81556f63d9666bd2d281b4f66962.webp 768w, https://cdn.thebittimes.com/images/2024/04/12/551d81556f63d9666bd2d281b4f66962.webp 1225w" sizes="(max-width: 1024px) 100vw, 1024px">
  <figcaption class="wp-element-caption">
   Ethereum 1-month price prediction. Source: <em>CoinCodex</em>
  </figcaption>
 </figure>
 <p class="paragraph">This translates to a potential rise of 3.15% from its current <a rel="noopener noreferrer nofollow" title="price" href="https://thebittimes.com/tag/price.html">price</a>. While positive, the upward trend is expected to be relatively modest.</p>
 <h2 class="wp-block-heading" id="h-ethereum-price-analysis">Ethereum price analysis</h2>
 <p class="paragraph">At press time, Ethereum’s <a rel="noopener noreferrer nofollow" title="price" href="https://thebittimes.com/tag/price.html">price</a> today stands at $3,522. Despite experiencing a slight decline of 2.08% for the day, ETH has seen an increase of 6.71% over the past week.&nbsp;</p>
 <p class="paragraph">However, this upward momentum contrasts with a decrease of 11.48% over the past month.</p>
 <figure class="wp-block-image size-full"><img decoding="async" width="975" height="396" src="https://cdn.thebittimes.com/images/2024/04/12/568936bcca4cd2e3cf91327a7fc7b75a.webp" alt class="wp-image-168316" srcset="https://cdn.thebittimes.com/images/2024/04/12/568936bcca4cd2e3cf91327a7fc7b75a.webp 975w, https://cdn.thebittimes.com/images/2024/04/12/568936bcca4cd2e3cf91327a7fc7b75a.webp 300w, https://cdn.thebittimes.com/images/2024/04/12/568936bcca4cd2e3cf91327a7fc7b75a.webp 768w" sizes="(max-width: 975px) 100vw, 975px">
  <figcaption class="wp-element-caption">
   ETH 7-day price chart. Source: <em>CoinMarketCap</em>
  </figcaption>
 </figure>
 <p class="paragraph">Nevertheless, ETH had 17 green days in the last 30 days, accounting for 57% of the month. Additionally, the <a rel="noopener noreferrer nofollow" title="price" href="https://thebittimes.com/tag/price.html">price</a> has increased by 88.14% over the year.&nbsp;</p>
 <p class="paragraph"></p>
 <p class="paragraph">Despite recent fluctuations, the overall trend suggests resilience and potential for further growth in the near future.</p>
 <p class="paragraph"></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>
</div>
<p>Source: <a rel="noopener noreferrer nofollow" target="_blank" href="https://thebittimes.com/machine-learning-algorithm-sets-ethereum-price-for-april-30-2024-tbt85177.html">https://thebittimes.com/machine-learning-algorithm-sets-ethereum-price-for-april-30-2024-tbt85177.html</a></p>

Machine learning algorithm sets Ethereum price for April 30, 2024

Innehållsförteckning

TheBitTimes

Andra artiklar publicerade 12 apr. 2024

Billionaire’s suit over scam crypto ads on Meta dismissed in Australia

Altcoin That’s Exploded Over 700% in Six Months Gearing Up for the Next Leg Higher, Says Top Cryp...

Shiba Inu Faces Critical Test at 56 Trillion SHIB Level

Ripple Unlocks Half a Billion XRP – Price Resilient Amidst Surprise Release

PEPE’s big 10% price hike – Here’s one reason to thank Dogecoin

Trader Averaging +$500M Profit in Crypto Reveals 10 BRC-20 and Runes Tokens With 100x Potential

Prenumerera på vårt nyhetsbrev och få kryptouppdateringar varje dag!