Artificial intelligence predicts the value of Ethereum cryptocurrency at the end of October

Amid a challenging week for most of the cryptocurrency market, Ethereum (ETH) continues to suffer losses, and machine learning algorithms predict even more regression for the leading altcoin in the near future.

In particular, PricePredictions AI predicts that the price of Ethereum will reach $ 1,484.94 by October 31, 2023.

The forecast is based on the following indicators: Relative Strength Index (RSI), Bollinger Bands (BB), and Moving Average Convergence-Divergence (MACD). It is assumed that the Ethereum price will fall by another 4% from the current price.

On the other hand, CoinCodex’s price forecasting algorithm shows a bullish trend for Ethereum, estimating its price at $ 1,784.76. If the forecast is correct, the altcoin will grow by 15.38%.

At the same time, the 1-week technical analysis (TA) on TradingView shows a bearish outlook for Ethereum.

Given all of the above, Ethereum’s long-term prospects remain promising. At the same time, its short-term upward movements are indeed at risk, partly due to the unloading and redistribution of more than 5 million ETH by whales who are constantly making money on high cryptocurrency prices.