01 June 2023 13:39, UTC
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Generative artificial intelligence (AI) systems are steadily gaining popularity, with the advent of ChatGPT leading the way. The AI landscape now welcomes Google’s Bard, the latest addition to this domain.
Although still in its experimental phase, Bard showcases impressive language processing capabilities, which have found practical applications in cryptocurrencies. The tool’s unique potential lies in its ability to generate feasible price projections for various digital assets, including Ethereum (ETH).
Given this context, Finbold utilized Bard on June 1, seeking its predictive insights on Ethereum’s potential price trajectory by the end of 2023.
Bard noted there are a number of factors that could influence the price, including the continued growth of the decentralized finance (DeFi) and non-fungible token (NFT) markets, the adoption of the network by mainstream businesses and institutions, as well as any major changes to the Ethereum protocol, all in all, it said if these factors are positive “ETH could reach $2,500 or even higher by the end of the year.”
Ethereum price predictions
In addition, Bard also provided insights into notable price predictions for the end of 2023 from reputable institutions and platforms.
Among these forecasts, Gov Capital, a financial research firm that uses a combination of technical analysis and fundamental analysis to make cryptocurrency price predictions, projects that Ethereum will reach a price of $2,587 by the end of 2023.
On the other hand, DigitalCoinPrice offered an average price target of $2,878, while PricePrediction using its own artificial intelligence, suggests Ethereum will reach a maximum price of $3,000 and a minimum price of $1,808 in 2023.
ETH price analysis
Ethereum is trading at $1,861, showing a minor decrease of 0.36% in the past 24 hours. However, it has experienced a positive trend over the last seven days, with a gain of 3.40%.
The recent slight decline in price within the last 24 hours could be attributed to various factors, such as investors securing profits or a general downturn in the cryptocurrency market. Nevertheless, the overall trajectory over the past week remains optimistic, indicating sustained bullish sentiment among Ethereum investors.
Key price levels to observe include the support level at $1,784, which corresponds to the 50-day moving average. A drop below this level may suggest a more significant price decline. On the other hand, the resistance level at $1,941 represents the 200-day moving average. A breakthrough above this level could indicate a notable price increase.
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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