The world of Artificial Intelligence (AI) is expanding rapidly with the introduction of various productive systems, such as ChatGPT, and now, Google’s Bard joins the roster.
Google’s Bard: The AI Crypto Analyst
Still in its experimental stages, Bard is demonstrating remarkable capabilities in language processing, particularly within the sphere of cryptocurrency news applications. Bard’s unique value proposition lies in its ability to generate actionable price predictions for different cryptocurrencies, including Ethereum (ETH).
As of June 1, Bard was employed to generate potential future price movements for Ethereum by the end of 2023.
Bard identified a range of potential influencers on Ethereum’s price, such as the growth of decentralized finance (DeFi) and NFT markets, mainstream businesses and institutional adoption of Ethereum’s network, and substantial modifications to the Ethereum protocol. Therefore, Bard postulated that if these factors remain favorable, ETH might potentially surpass a price of 2,500 by the end of the year.
Institutional Predictions for Ethereum
In addition, Bard collated significant price predictions for Ethereum by the end of 2023 from reputable institutions and platforms. Gov Capital, a financial research firm that leverages both technical and fundamental analyses for cryptocurrency price forecasts, predicts that Ethereum will attain a price of $2,587 by 2023’s end.
DigitalCoinPrice, on the other hand, anticipates an average price of $2,878 for Ethereum, whereas PricePrediction, utilizing its proprietary AI, suggests a maximum Ethereum price of $3,000 and a minimum of $1,808 for the same year.
Current Market Performance of Ethereum (ETH)
As of the present, Ethereum is trading at $1,861, marking a minor dip of 0.36% over the last 24 hours. Despite this, Ethereum maintains a positive trajectory with a 3.40% increase over the past week.
This marginal drop in price could be ascribed to investors locking in profits or a broader slump in the crypto market. Regardless, the general uptrend of the past week signifies sustained optimism among Ethereum investors.
Key price levels to watch include the support level of $1,784, equivalent to the 50-day moving average. Falling below this point could imply a significant price drop. Conversely, surpassing the resistance level of $1,941, denoting the 200-day moving average could suggest a considerable price surge.
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