Categories: CryptocurrencyNews

Machine Learning Algorithm Sets Ethereum (ETH) Price for 1st of June 2023

Over the past week, Bitcoin (BTC), the world’s largest crypto asset, witnessed some price instability and decline patterns, falling relatively below its $27,000 price mark to about $26,000. Meanwhile, the unstable market patterns experienced in BTC over the past week have never been the case for Ethereum (ETH),

The resilience in Ethereum (ETH) market price indicates that the coin is not necessarily affected by the crypto market fluctuations that saw other cryptocurrencies fall significantly in value. In addition, the stability in Ethereum’s market worth implies that the token got added to the watchlists of so many potential investors.

Read Also: Anon Ethereum Whale Shifts $154 Million in ETH with Less Than $4 as TXN Fee. Here’s the Destination

What Machine Learning Algorithm Says about Ethereum (ETH) Price

Following Ethereum’s remarkable market trends, a machine-learning algorithm capable of predicting crypto asset prices by analyzing some sets of data. As of May 22, the machine learning algorithm predicted $1,792 as the price benchmark for ETH for June 1, 2023.

Machine Learning Algorithm Sets Ethereum (ETH) Price for June 1, 2023Machine Learning Algorithm Sets Ethereum (ETH) Price for June 1, 2023
Source: PricePredictions

How Does This Machine Learning Algorithm Function?

The machine learning algorithm is a mathematical model mapping and a branch of artificial intelligence that can track down patterns embedded in a data set. In crypto, the algorithm could make predictions by analyzing Technical Analysis (TA) indicators that include Moving Average (MA), Relative Strength Index (RSI), Average True Range (ATR), Bollinger Bands (BB), Moving Average Convergence Divergence (MACD), etc.

According to Etherem’s statistics on CoinMarketCap, the token’s price at the time of reporting was $1,860.20. In the last 24 hours, Ethereum recorded $1,869.34 as its maximum price and $1,808.53 as its minimum price.

Read Also: Vitalik Buterin Highlights Things That Excite Him the Most in the Ethereum Application Ecosystem

Furthermore, Ethereum has a market cap of $222,813,503,651 and a circulating pool of 120,266,407 ETH tokens. The predicted $1,792 market worth for Ethereum implies that even though the Ethereum price may be stable, it still has a potential for a slight downward trend.

Howbeit, whether the prediction by the machine-learning algorithm for Ethereum holds or not, it is expected that ETH will strive to remain afloat by applying more resilience even as Bitcoin (BTC) continues to struggle.


Follow us on Twitter, Facebook, Telegram, and Google News

Chinedu Agbakwusi

Chinedu Agbakwusi is a medical student at the prestigious Nnamdi Azikiwe University with sound knowledge of the crypto space. I am here to be a reliable plug for well-researched crypto content ranging from crypto news to market analyses and blockchain inventions.

Recent Posts

Ethereum, XRP, and XYZVerse: The Whale Favorites Driving the Crypto Market Right Now!

Major cryptocurrencies are capturing significant attention as influential investors shift focus toward assets with promising…

2 hours ago

Ready for Explosive Gains? These 5 Altcoins Could Deliver 4500% Portfolio Growth in Weeks!

Cryptocurrency investors are on the hunt for digital assets that can deliver exponential returns in…

3 hours ago

Trump’s Victory Sparks Crypto Chaos: $XYZ Meme Coin Ready to Smash 99,900% Gains

BOOM! The Trump administration just smashed open the gates for the crypto bull run of…

4 hours ago

Ripple CLO: “Jay Lit the match, I (Gary Gensler) Just Added the Gasoline”

In a recent development, SEC Chair Gary Gensler attempted to frame his regulatory actions against…

4 hours ago

Ripple CEO Acknowledges Regulatory Relief Around XRP and Cryptocurrencies

XRP is experiencing a historic rally in the cryptocurrency market, fueled by optimism over regulatory…

5 hours ago

Crypto Predictions: From $0.0005 to $15 for POL Meme Coin, $0.001 for PEPE, and $10 for Polkadot!

The cryptocurrency landscape is abuzz with anticipation as certain tokens hint at remarkable growth. Memecoins…

5 hours ago