Ethereum

2024

Bitcoin ETF

April

<div class="finbold">
 <p class="paragraph">As May approaches, anticipation is building around the potential approval of an Ethereum (ETH) spot ETF. This development has captured the attention of traders and investors, with Ethereum’s status as the second-largest cryptocurrency by market cap suggesting significant potential benefits.</p>
 <p class="paragraph">However, despite the excitement, ETH has been struggling to keep pace with Bitcoin (BTC) in recent times. This 3-year low ETH/BTC exchange rate challenges what enthusiasts call “the flippening”- a hypothetical scenario where Ethereum surpasses Bitcoin as the dominant cryptocurrency by market capitalization.&nbsp;</p>
 <p class="paragraph">Several factors are contributing to this underperformance. One key reason is the decline in activity on Ethereum’s network. The number of active users and the overall transaction volume on ETH’s decentralized applications (DApps) have both dropped significantly.&nbsp;</p>
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 <p class="paragraph">This decline is concerning because DApps are the heart of the Ethereum ecosystem. They are the platforms that enable users to interact with decentralized finance (DeFi), non-fungible tokens (NFT), and other blockchain-based functionalities.&nbsp;</p>
 <p class="paragraph">When user engagement with DApps drops, it suggests that there might be underlying issues with the Ethereum network itself, or a lack of innovation and development within the DApp ecosystem.</p>
 <p class="paragraph">Adding to ETH’s woes is the rise of Solana (SOL). This competing blockchain has been grabbing market share in the DeFi space, particularly fueled by recent trends in memecoins and stablecoin transfers.</p>
 <h2 class="wp-block-heading" id="h-forecasting-eth-s-potential-trajectory">Forecasting ETH’s potential trajectory</h2>
 <p class="paragraph">Leveraging machine <a rel="noopener noreferrer nofollow" title="learning" href="https://thebittimes.com/tag/learning.html">learning</a> algorithms, financial analysts project a cautiously bullish outlook for Ethereum’s <a rel="noopener noreferrer nofollow" title="price" href="https://thebittimes.com/tag/price.html">price</a>. These artificial intelligence (AI)-driven tools forecast a continuation of the positive trend, potentially propelling ETH to $3,633 by the end of April.&nbsp;</p>
 <figure class="wp-block-image size-large"><img decoding="async" width="1024" height="423" src="https://cdn.thebittimes.com/images/2024/04/12/551d81556f63d9666bd2d281b4f66962.webp" alt class="wp-image-168315" srcset="https://cdn.thebittimes.com/images/2024/04/12/551d81556f63d9666bd2d281b4f66962.webp 1024w, https://cdn.thebittimes.com/images/2024/04/12/551d81556f63d9666bd2d281b4f66962.webp 300w, https://cdn.thebittimes.com/images/2024/04/12/551d81556f63d9666bd2d281b4f66962.webp 768w, https://cdn.thebittimes.com/images/2024/04/12/551d81556f63d9666bd2d281b4f66962.webp 1225w" sizes="(max-width: 1024px) 100vw, 1024px">
  <figcaption class="wp-element-caption">
   Ethereum 1-month price prediction. Source: <em>CoinCodex</em>
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 </figure>
 <p class="paragraph">This translates to a potential rise of 3.15% from its current <a rel="noopener noreferrer nofollow" title="price" href="https://thebittimes.com/tag/price.html">price</a>. While positive, the upward trend is expected to be relatively modest.</p>
 <h2 class="wp-block-heading" id="h-ethereum-price-analysis">Ethereum price analysis</h2>
 <p class="paragraph">At press time, Ethereum’s <a rel="noopener noreferrer nofollow" title="price" href="https://thebittimes.com/tag/price.html">price</a> today stands at $3,522. Despite experiencing a slight decline of 2.08% for the day, ETH has seen an increase of 6.71% over the past week.&nbsp;</p>
 <p class="paragraph">However, this upward momentum contrasts with a decrease of 11.48% over the past month.</p>
 <figure class="wp-block-image size-full"><img decoding="async" width="975" height="396" src="https://cdn.thebittimes.com/images/2024/04/12/568936bcca4cd2e3cf91327a7fc7b75a.webp" alt class="wp-image-168316" srcset="https://cdn.thebittimes.com/images/2024/04/12/568936bcca4cd2e3cf91327a7fc7b75a.webp 975w, https://cdn.thebittimes.com/images/2024/04/12/568936bcca4cd2e3cf91327a7fc7b75a.webp 300w, https://cdn.thebittimes.com/images/2024/04/12/568936bcca4cd2e3cf91327a7fc7b75a.webp 768w" sizes="(max-width: 975px) 100vw, 975px">
  <figcaption class="wp-element-caption">
   ETH 7-day price chart. Source: <em>CoinMarketCap</em>
  </figcaption>
 </figure>
 <p class="paragraph">Nevertheless, ETH had 17 green days in the last 30 days, accounting for 57% of the month. Additionally, the <a rel="noopener noreferrer nofollow" title="price" href="https://thebittimes.com/tag/price.html">price</a> has increased by 88.14% over the year.&nbsp;</p>
 <p class="paragraph"></p>
 <p class="paragraph">Despite recent fluctuations, the overall trend suggests resilience and potential for further growth in the near future.</p>
 <p class="paragraph"></p>
 <p class="paragraph"><strong><em>Disclaimer</em></strong><em>: The content on this site should not be considered investment advice. Investing is speculative. When investing, your capital is at risk.</em></p>
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<p>Source: <a rel="noopener noreferrer nofollow" target="_blank" href="https://thebittimes.com/machine-learning-algorithm-sets-ethereum-price-for-april-30-2024-tbt85177.html">https://thebittimes.com/machine-learning-algorithm-sets-ethereum-price-for-april-30-2024-tbt85177.html</a></p>

Machine learning algorithm sets Ethereum price for April 30, 2024

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