On January 23, the second largest cryptocurrency, by market capitalization, Ethereum (ETH), was trading in the green above $1,600 after a solid start to 2023.
With the number of Ethereum addresses with a balance greater than zero steadily increasing, reaching a new all-time high of 92.5 million addresses on January 22, there is a chance that ETH/USD may strengthen if Ethereum network activity and usage continue to set new records as the month draws to a close.
Votes cast by the members of the crypto tracking platform CoinMarketCap project that Ethereum will be changing hands at the average price of $1,424 on January 31, 2023, according to the data retrieved by Finbold on January 23.
Should the estimations of 2,272 member votes prove true, it would mean that the price of ETH by the end of the month will decline further by –12.75% or –$208 compared to its current value, which at press time stood at $1,632.
The performance of the crypto community’s projections for the six previous months has historically set the price of the flagship decentralized finance (DeFi) token with an accuracy rate of 77.77%.
AI ETH price prediction
Meanwhile, the machine learning algorithms at the crypto monitoring portal PricePredictions predict that the price of Ethereum will be $1,315 on January 31, 2023, according to data acquired by Finbold on January 6.
Furthermore, Ethereum’s technical analysis (TA) on TradingView’s 1-day gauges remains positive, its summary aligning with the ‘buy’ sentiment at 16, which is the result of oscillators pointing at ‘neutral’ at 7, and moving averages (MA) indicating a ‘strong buy’ at 13.
Ethereum price analysis
Ethereum is now up 0.55% in the past 24 hours, and recorded an increase of 8% across the previous week, as per the data retrieved by Finbold. Notably, Ethereum now has a market capitalization back above $200 billion after a $54 billion inflow since the start of 2023.
Demand growth might break Ethereum’s $1,680 ceiling, resulting in a price increase to $1,750. However, if prices go below $1,600, the downward trend might continue to about $1,560.
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