Artificial Intelligence Predicts Ethereum Cryptocurrency to Fall at the End of September

The machine learning algorithm predicted the price of the main altcoin as of September 30, 2023. According to PricePredictions, ETH will be trading for $ 1611 at the end of the month. The forecast represents a drop in the token’s value compared to the current price of $ 1644.

Ethereum is currently teetering on the brink of a significant correction, which is causing significant concern among investors. The situation has been exacerbated by ARK’s recent filing of an application to establish an Ethereum spot exchange-traded fund with the US Securities and Exchange Commission. This step introduced an additional level of uncertainty into the price trajectory of ETH $3,332.99 Bridged Ether (StarkGate) -1.18% Market capitalization $0.3 billion VOL. 24 hours $1.45 billion .

The AI’s prediction of Ethereum’s future is based on several key technical indicators, including moving average convergence divergence (MACD), relative strength index (RSI), and Bollinger bands (BB). A post by cryptocurrency analyst Ali Martinez published on the X platform highlights the inevitable problems associated with ETH’s price trajectory. In his post, Martinez emphasized the importance of Ethereum breaking the $ 1680 threshold, as this could potentially mark the beginning of a significant correction phase that would eventually lead to a price drop to $ 1200.

Martinez shared information from IntoTheBlock, a crypto analytics resource that highlighted a shortage of addresses buying Ethereum in the $ 1285 to $ 1681 price range. This shortage, combined with reduced activity at these price levels, increases the likelihood of a price regression to $ 1200, the analyst said.

Finbold analysts emphasized that many macro and micro factors will dictate the timing, ferocity, and duration of the next bullish breakout when the cryptocurrency industry begins a stable positive trend. «We don’t know the day or hour when cryptocurrencies will turn bullish. But we know it will happen as surely as night follows day ,» crypto experts hope.