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 Ethereum (ETH), which has recently posted modest gains at best.
The algorithm determines the price of Ethereum (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 Ethereum 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 Ethereum.
Ethereum 30-day price forecast. Source: Price Estimates
The bearish predictions come when New York-based crypto exchange Paxful announced that it is removing Ethereum 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.
We finally kicked #ethereum off our marketplace. 11.6m humans safer. Integrity over revenue 🤝🏽 Who is next ? pic.twitter.com/JTJXa5RYJ8
— Ray Youssef (@raypaxful) December 21, 2022
At the same time, payment processor Visa has proposed an ‘account abstraction’ system that uses smart contracts and can be deployed on Ethereum to facilitate automated programmable payments, according to the company’s leadership post.
Ethereum 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.
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 Bitcoin (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 Bitcoin 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.