2023 has been a great year for Ethereum (ETH), summing up $74.5 billion to its capitalization year-to-date (YTD). This amounts to an increase of 50.9% from the $146.31 billion market cap observed on January 1.
Moreover, investors are continuously staking ETH, with subsequent all-time highs for the total value staked in the Ethereum 2.0 smart contract. It recently achieved the value of a $32 million stake, according to data from CryptoQuant retrieved by Finbold on November 4.
Within the current positive outlook for Ethereum and the cryptocurrency market expectations for a coming bull market in 2024, Finbold asked ChatGPT to forecast a price range for ETH by the start of the next year.
Notably, the ChatGPT-4 forecasts Ethereum price to trade between $3,000 to $10,000 in 2024. The lowest price in this range would mean an increase of 63% for ETH from its price of $1,835 per ether by press time.
“Predicting Ethereum’s price in 2024 involves analyzing current trends and factors. As of now, Ethereum’s price moves impelled by increased adoption, platform upgrades, and market sentiment. Its price could range between $3000 and $10,000 by 2024. The breadth of this forecast attributes to the volatile crypto market.”
Interestingly, the GPT-4 artificial intelligence has also mentioned “expanding institutional adoption” and the role of ETH 2.0 proof of stake network for its price prediction.
Additionally, it has also pointed toward technical analysis indicators to justify the mentioned price range for Ethereum.
“Analyzing with indicators like Moving Average Convergence Divergence (MACD), Relative Strength Index (RSI), and Bollinger Bands, Ethereum is on a bullish trend.”
However, the ChatGPT also mentioned that factors like regulatory changes or a significant tech advancement by competitors could potentially drop ETH’s value in 2024. With that in mind, investors and cryptocurrency traders must continuously monitor their position and adjust accordingly as the new year arrives.
Disclaimer: The content on this site should not be considered investment advice. Investing is speculative. When investing, your capital is at risk.
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