Amidst continuous advances in the sphere of artificial intelligence (AI), including Google Bard, the technology has already demonstrated its potential in multiple industries, including offering insights into the cryptocurrency market trends and deducing trends in the price of assets like Ethereum (ETH).
With this in mind, Finbold has asked Alphabet’s (NYSE: GOOGL) AI platform for an analysis of the possible price of Ethereum at the start of 2024, taking into account its current price trends and historical movements, possible spot exchange-traded fund (ETF) approval, and other factors.
Bard’s estimates for Ethereum
According to Bard, a “potential price range for Ethereum at the start of 2024 could be between $2,500 and $4,500,” which suggests “the possibility of continued upward momentum driven by technical indicators, ETF approval, community support, institutional interest, and network developments.”
However, the AI chatbot also recommends caution as “the cryptocurrency market is inherently volatile and subject to external factors that could impact the price,” adding that the “actual price of Ethereum at the start of 2024 could be significantly higher or lower than the proposed range.”
Factors at play
Among the main factors involved in the future price of Ethereum, the AI tool singled out its previous price movements that “have been characterized by periods of both significant growth and sharp declines,” including from the all-time high (ATH) of $4,891.70 in 2021.
Furthermore, Bard noted that approving a spot ETH ETF “would make it easier for institutional investors to gain exposure to Ethereum, potentially boosting demand and driving up the price,” as well as highlighted “a strong and active community of developers and users” paving the way to “long-term sustainability.”
On top of that, it pointed out that:
“Several technical indicators suggest that Ethereum may be in the early stages of a bullish trend. For instance, the Moving Average Convergence Divergence (MACD) indicator is showing a bullish crossover, indicating that the upward momentum may continue.”
Finally, the chatbot referred to a survey of cryptocurrency experts from October 2023, which “revealed an average price prediction of $3,026 for Ethereum at the end of 2023 and $7,184 at the end of 2024,” suggesting a general consensus among experts about Ethereum’s long-term potential.
Ethereum price analysis
As things stand, the second-largest crypto asset by market cap is currently changing hands at the price of $1,957.28, down 4.07% on the day and dropping 6.89% across the week while still holding onto the gain of 24.13% in the last month, as per data on November 17.
Indeed, Bard’s current predictions regarding Ethereum’s price at the year’s turn are rather optimistic, seeing it at 27.73% or even 129.91% higher price than at the time of publication, pushed by positive sentiment around it and in the crypto sphere in general.
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