Machine learning algorithm predicts Ethereum price on August 31

Though Ethereum’s (ETH) rally at the start of 2024 was as strong as that of many other major cryptocurrencies, its performance since has been marked by substantial variance in value and, in recent weeks, a significantly greater drop than that seen with its peers.

Indeed, though the token is, by press time on August 19, still 14.62% in the green in the year-to-date (YTD) chart, it has dropped 26.25% in the last 30 days and, with ETH price today being $2,578.30, the cryptocurrency is more than 36% below its yearly highs above $4,070.

Despite the volatility, 2024 has been an important year for Ethereum as it saw increased adoption by institutional investors, which has partially been driven by the approval of the first-ever spot ETH exchange-traded fund (ETF).

Indeed, the price drop from yearly highs has failed to change the general view of Ethereum as the world’s second cryptocurrency and, according to BlackRock (NYSE: BLK), the only one other than Bitcoin (BTC) worthy of an ETF.

Predictive algorithm sets ETH price for August 31

Given both the sharp crypto market moves and the persistent hopes Ethereum is yet to experience its actual 2024 highs, Finbold decided to consult the predictive algorithms of a platform specialized in forecasting asset prices – PricePredicitons – on where ETH might stand by the end of August.

In sharp contrast to the token’s performance since the start of 2024, the predictive machine learning algorithms expect ETH’s price to stabilize in the coming weeks.

Still, despite the forecasted lack of significant volatility, ETH is expected to continue with its downward trajectory in the foreseeable future.

According to the predictive platform, Ethereum will slide down to $2,502.59 by August 31. Such an outcome of the month’s trading would mean that ETH has fallen another 2.94% compared to where it stands at press time on Monday, August 19.

Nonetheless, the expected decline would not be enough to turn the YTD chart red, and the token would still be up 9.76% compared to where it started in 2024.

Disclaimer: The content on this site should not be considered investment advice. Investing is speculative. When investing, your capital is at risk.

Source