The algorithm determines the price of Ethereum (ETH) for January 1, 2023!

As the turn of the year approaches, the cryptocurrency industry is still struggling with the consequences of the collapse of crypto trading platform FTX, including (ETH), which has recently posted modest gains at best.

The algorithm determines the price of (ETH) for January 1, 2023!

Meanwhile, according to the latest data from the platform by Finbold on Dec. 23, machine learning algorithms on the digital asset tracking website PricePredictions determined the price of at $1,197.14 on January 1, 2023.

In parallel, the algorithm, based on indicators such as moving averages (MA), moving average convergence divergence (MACD), Bollinger Bands (BB) and relative strength index (RSI), predicts a 1.86% decline compared to the previous year. The current price of .

The algorithm determines the price of Ethereum (ETH) for January 1, 2023!  - Picture : 1

30-day price forecast. Source: Price Estimates

The bearish predictions come when New York-based crypto exchange Paxful announced that it is removing from its platform, as the exchange’s co-founder Ray Youssef believes it lacks decentralization due to its transition to the Proof-of-Stake (PoS) verification protocol.

At the same time, payment processor Visa has proposed an ‘account abstraction’ system that uses smart contracts and can be deployed on to facilitate automated programmable payments, according to the company’s leadership post.

price increases

Meanwhile, at press time, Ethereum’s price was up 2.30% on the day to $1,220.02, up 0.87% on its weekly chart and 4.73% on its monthly chart.

The algorithm determines the price of Ethereum (ETH) for January 1, 2023!  - Picture : 2

Ethereum 30-day price chart. Source: Finbold

With a market cap of $149.30 billion, Ethereum remains the second-largest cryptocurrency by this indicator, followed by (BTC) at $324.11 billion, according to the latest CoinMarketCap data received on December 23.

It’s also worth noting that Mike McGlone, senior commodities expert at Bloomberg Intelligence, recently said that Ethereum could outperform in the next bull market due to its ‘unshaken’ progress against it since 2021.

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

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