As the year-end approaches, the crypto industry continues to grapple with the consequences of the collapse of crypto trading platform FTX, including Ethereum (ETH), which has posted relatively modest gains recently.
Meanwhile, machine learning algorithms on crypto asset tracking website PricePredictions determined the price of Ethereum at $1,197.14 on January 1, 2023, according to the latest data from the platform on Dec.
In line with the circumstances, the algorithm, based on indicators such as moving averages (MA), moving average convergence divergence (MACD), Bollinger bands (BB) and relative strength index (RSI), currently predicts a 1.86% drop compared to Ethereum price.
In terms of sentiment on 1-week indicators, too, the indicators are in negative territory for Ethereum, suggesting sell at 13 as summarized by oscillators pointing to buy at 2 and moving averages showing a strong sell at 13, according to data from TradingView.
The predictions for the drop came as New York-based crypto exchange Paxful announced that it was removing Ethereum from its platform because 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 could be used to facilitate automated programmable payments on Ethereum, according to the company’s leadership post.
It should also be noted that Bloomberg Intelligence senior commodities expert Mike McGlone recently said that Ethereum could outperform Bitcoin in the next bull market due to the “unshakable” progress it has made against Bitcoin since 2021.