Ethereum (ETH) has demonstrated remarkable stability over the past week, a rare occurrence in the intimidating cryptocurrency market. In stark contrast, Bitcoin (BTC) experienced a dip and dropped below $27,000, causing much worry in the cryptocurrency space. But Ethereum, which currently has the second-largest market capital by capitalization, held its own, displaying resiliency and a certain degree of investor trust.
To understand Ethereum’s price behavior, Finbold consulted the AI-driven algorithms of Price Predictions, a renowned cryptocurrency analytics and price prediction platform. According to the latest data accessed on May 22, the platform forecasts that Ethereum will cost $1,792 on June 1, 2023. Its prediction is backed by technical analysis like incoming average (MA), relative strength index (RSI), moving average convergence divergence (MACD), average true range (ATR), and Bollinger Bands (BB),which forecast a 1.3% drop in ETH price at the time of this article’s publication.
At press time, Ethereum is trading at $1,816, a 0.06% increase from the previous day. However, whilst a seemingly positive inclination, its value decreased 0.56% since the start of the week. Moreover, it is worth pointing out that $1,720 is a key support level for ETH, meaning that potential investors anticipate a solid number of buys if the price reaches this point. Similarly, $1,894 stands as a resistance level, reflecting the expected selling pressure once the asset gets pushed up even further.
The total market capitalization of Ethereum currently stands at $218.5 billion, further illustrating its significance in the cryptocurrency market. However, the collective judgement of traders on TradingView is largely bearish at the moment, as the one-day indicators exert a 10/10 ‘sell’ rating.
Whether the AI-driven forecasts of Price Predictions become reality or Ethereum’s price recovers will depend on the developments in the space and its ability to maintain its stability in the face of Bitcoin’s current troubles.
