Ethereum

2024

April

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 <p class="paragraph">As the larger part of the cryptocurrency market begins to recover from the recent bearish hiccup, Ethereum (ETH) is no exception, but artificial intelligence (AI) algorithms currently do not see this recovery as a bullish sign for the crypto asset in the next several weeks.</p>
 <p class="paragraph">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.</p>
 <h2 class="wp-block-heading" id="h-ethereum-price-prediction-may-2024">Ethereum price prediction May 2024</h2>
 <p class="paragraph">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 <em>PricePredictions </em>on May 2.</p>
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 <figure class="wp-block-image size-full"><img decoding="async" width="883" height="612" src="https://cdn.thebittimes.com/images/2024/05/02/278a39597ec6bd722cc2da397e834a2a.webp" alt="ETH price prediction May 2024. Source: PricePredictions" class="wp-image-173283" srcset="https://cdn.thebittimes.com/images/2024/05/02/278a39597ec6bd722cc2da397e834a2a.webp 883w, https://cdn.thebittimes.com/images/2024/05/02/278a39597ec6bd722cc2da397e834a2a.webp 300w, https://cdn.thebittimes.com/images/2024/05/02/278a39597ec6bd722cc2da397e834a2a.webp 768w" sizes="(max-width: 883px) 100vw, 883px">
  <figcaption class="wp-element-caption"><em>ETH <a rel="noopener noreferrer nofollow" title="price" href="https://thebittimes.com/tag/price.html">price</a> <a rel="noopener noreferrer nofollow" title="predict" href="https://thebittimes.com/tag/predict.html">predict</a>ion May 2024. Source: </em><em>PricePredictions</em>
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 <p class="paragraph">In other words, the algorithms <a rel="noopener noreferrer nofollow" title="predict" href="https://thebittimes.com/tag/predict.html">predict</a> that Ethereum will decline by 15.33% from its present situation, taking into account technical <a rel="noopener noreferrer nofollow" title="Category Analysis" href="https://thebittimes.com/analysis.html">Analysis</a> (TA) indicators, such as the relative strength index (RSI), Bollinger Bands (BB), moving average convergence divergence (MACD), and others.</p>
 <h2 class="wp-block-heading" id="h-ethereum-price-analysis">Ethereum price analysis</h2>
 <p class="paragraph">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.</p>
 <figure class="wp-block-image size-full"><img decoding="async" width="750" height="496" src="https://cdn.thebittimes.com/images/2024/05/02/1a010878bf630632e27b1e4e08adb1a1.webp" alt="Ethereum price 7-day chart. Source: Finbold" class="wp-image-173284" srcset="https://cdn.thebittimes.com/images/2024/05/02/1a010878bf630632e27b1e4e08adb1a1.webp 750w, https://cdn.thebittimes.com/images/2024/05/02/1a010878bf630632e27b1e4e08adb1a1.webp 300w" sizes="(max-width: 750px) 100vw, 750px">
  <figcaption class="wp-element-caption"><em>Ethereum price 7-day chart. Source: </em><em>Finbold</em>
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 <p class="paragraph">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.</p>
 <figure class="wp-block-image size-full"><img loading="lazy" decoding="async" width="800" height="393" src="https://cdn.thebittimes.com/images/2024/05/02/88d6b80cfd4ff5c62fe13cdf4e6896dc.webp" alt="Ethereum network activity. Source: Ali Martinez" class="wp-image-173285" srcset="https://cdn.thebittimes.com/images/2024/05/02/88d6b80cfd4ff5c62fe13cdf4e6896dc.webp 800w, https://cdn.thebittimes.com/images/2024/05/02/88d6b80cfd4ff5c62fe13cdf4e6896dc.webp 300w, https://cdn.thebittimes.com/images/2024/05/02/88d6b80cfd4ff5c62fe13cdf4e6896dc.webp 768w" sizes="(max-width: 800px) 100vw, 800px">
  <figcaption class="wp-element-caption"><em>Ethereum network activity. Source: </em><em>Ali Martinez</em>
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 <p class="paragraph">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 <a rel="noopener noreferrer nofollow" title="price" href="https://thebittimes.com/tag/price.html">price</a>.</p>
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    <p lang="en" dir="ltr">#Ethereum faces a brick wall resistance at $3,200, where 2.43 million addresses hold 5.14 million $ETH. pic.twitter.com/44MEA0Xge3</p>— Ali (@ali_charts) April 29, 2024
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 <p class="paragraph">That said, a pseudonymous crypto influencer with a large following on social media, <em>Mister Crypto,</em> expects Ethereum to hit the <a rel="noopener noreferrer nofollow" title="price" href="https://thebittimes.com/tag/price.html">price</a> 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.</p>
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   <blockquote class="twitter-tweet" data-width="500" data-dnt="true">
    <p lang="en" dir="ltr">#Bitcoin is going to $100.000.#Ethereum is going to $10.000#Solana is going to $1.000<br><br>All your alts will pump 20x.<br><br>And all you need to do is wait.</p>— Mister Crypto (@misterrcrypto) April 24, 2024
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 <p class="paragraph">In conclusion, Ethereum could, indeed, 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.</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/ai-predicts-ethereum-price-for-may-31-2024-tbt87224.html">https://thebittimes.com/ai-predicts-ethereum-price-for-may-31-2024-tbt87224.html</a></p>

AI predicts Ethereum price for May 31, 2024

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