AI predicts Ethereum price for May 31, 2024
As the larger part of the cryptocurrency market begins to recover from the recent bearish hiccup, Ethereum (ETH) is no exception. However, artificial intelligence (AI) algorithms currently do not see this recovery as a bullish sign for the crypto asset in the next several weeks. Indeed, the second-largest crypto asset by market capitalization is slowly pushing back up toward retaking the $3,000 level it had lost earlier this week after nearly two months of trading above it, following the most active day on its network for at least one year, according to the most recent charts.
However, despite such positive signs for Ethereum, the advanced AI algorithms do not see its price troubles ending by the end of this month, projecting it to drop to $2,534.25 by May 31, 2024, as per the latest data offered by the crypto monitoring and forecasting platform PricePredictions on May 2.
In other words, the algorithms predict that Ethereum will decline by 15.33% from its present situation, taking into account technical analysis (TA) indicators, such as the relative strength index (RSI), Bollinger Bands (BB), moving average convergence divergence (MACD), and others.
At the moment, Ethereum is changing hands at the price of $2,993.07, which suggests an increase of 3.57% in the last 24 hours, having lost 3.80% across the previous seven days and accumulating a dip of 10.78% over the past month, as per the latest data.
Meanwhile, renowned crypto trading expert Ali Martinez has observed positive signals for Ethereum, highlighting that April 29 was the most successful day for the growth of its network in over a year, having recorded 139,560 new ETH addresses, as he explained in an X post on May 2.
As Martinez earlier pointed out, Ethereum is facing a strong resistance level at $3,200, which has emerged as a significant barrier due to, in part, the substantial holdings of approximately 2.34 million addresses collectively owning 5.14 million ETH purchased at this average price.
That said, a pseudonymous crypto influencer with a large following on social media, Mister Crypto, expects Ethereum to hit the price target of at least $10,000 at some point in the next run while also envisioning other crypto assets, like Bitcoin (BTC) at $100,000 and Solana (SOL) at $1,000.
In conclusion, Ethereum could proceed to drop toward the low price target predicted by the AI algorithms, although some crypto analysts might disagree, highlighting the importance of doing one’s own research before investing a significant amount of money in any asset.
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