During the recent period of market growth, the value of Ethereum (ETH) experienced significant increases as cryptocurrency investors sought to take advantage of the current excitement surrounding institutional adoption.
Finbold conducted an analysis of PricePredictions’ machine learning algorithm predictions on July 3, aiming to gain a better understanding of Ethereum’s potential price performance in the near term as it aims to surpass $2,000, a critical price level, and reclaim its position as the second-largest cryptocurrency by market capitalization.
The machine learning algorithm predicts that Ethereum will reach a price of $2,105 on July 31, 2023, indicating a potential increase of over 7% compared to its price at the time of the article’s publication.
This forecast is based on the analysis of popular technical analysis (TA) indicators like the moving average convergence divergence (MACD), Bollinger Bands (BB), and other commonly used indicators.
Currently, ETH is being traded at $1,965, reflecting a 2.58% increase in the last 24 hours.
Significantly, during the previous month, the cryptocurrency experienced a growth of over 3.2% and observed 15 days of positive price movement.
Since the beginning of the year, the second-largest cryptocurrency in the world has shown significant growth, surpassing 63% in terms of price appreciation.
The upward price movement of ETH today indicates that it is moving towards achieving the $2,000 mark, as investors anticipate new US economic data.
Ethereum’s relative strength index (RSI), an important technical indicator, successfully surpassed a significant obstacle at 60.00 and is presently positioned at 62.70.
Assuming it continues to maintain its current pace, it is highly probable that ETH will surpass $2,000, which is in accordance with the previous forecast.
Crypto expert Ali Martinez highlighted the critical resistance zone for Ethereum between $2,000 and $2,060 last week. In case the cryptocurrency manages to break through this barrier, it is anticipated that it will surge toward $2,330 or even $2,750.
