Artificial intelligence predicts the price of Ethereum for August 1, 2024

As most assets in the cryptocurrency space continue to make significant progress, Ethereum (ETH) is no exception and the largest altcoin on the market could continue its bullish path, according to some artificial intelligence (AI) algorithms.

Specifically, Ethereum has moved well beyond the critical psychological price level of $3,500 and continues to post gains, which has seen it rally more than 18% in a single day on rumors that an Ethereum exchange-traded fund (ETF ) based on commercials could soon become a reality.

Indeed, Eric Balchunas, senior ETF analyst at Bloomberg, recently said that he and his colleague James Seyffart now believe the chances of an Ethereum spot ETF being approved are 75%, up from 25% previously, according to Balchunas’ X post from May. 20.

At the same time, OpenAI’s latest brainchild ChatGPT model, known as GPT-4o, has provided its Ethereum price prediction for August 1, 2024, setting targets between $4,000 – $4,500in an optimistic scenario or $3,200 – $3,800in a more conservative scenario.

Meanwhile, the recent invention of anthropogenic AI, Claude 3 Opus, has offered an estimate for the price of Ethereum that indicates it will trade between $4,500 – $5,500 by August 2024, considering factors such as technical analysis (TA) and the recent Dencun update. As the generative AI chatbot explained:

“Technical analysis of historical ETH price patterns suggests that the next high in 2024 could be around $5,314, which is a 201% increase from the last low.”

Ethereum price analysis

Currently, the largest altcoin in the cryptocurrency market changes hands at a price of $3,658.19, suggesting an increase of 18.10% in the last 24 hours, adding to the gain of 25.51% in the previous seven days and advancing by 15 .38% on its monthly price. chart, according to data from May 21.

Meanwhile, popular cryptocurrency expert Ali Martinez noted that Ethereum whales purchased over 110,000 ETH, worth around $341 million, in the 24 hours leading up to his May 20 X post, suggesting a massive increased interest from the market. larger holders.

It’s also worth noting that another famous cryptocurrency expert, Michaël van de Poppe, noted that “the bull market is here” and “the bottom is probably on Ethereum,” demonstrating his observations on a chart shared in a blog post X in May. 21.

All things considered, it appears that the best is yet to come for Ethereum, according to some AI platforms and some of the market’s most renowned experts. However, doing your research is still crucial as things in this industry can change without warning.

Disclaimer: The content of this site should not be considered investment advice. Investing is speculative. When you invest, your capital is at risk.

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