AI forecasts Ethereum’s price on May 1, 2024
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Ethereum (ETH) has seen many ups and downs lately. Even with all the unpredictable changes, Ethereum is trying to keep its price above a key number: $3,000.
Ethereum’s price often fluctuates due to the influence of big Ethereum traders or whales. For example, Whale Alert data showed that on April 20, 10,911 Ethereum units worth approximately $33.52 million were transferred to the Coinbase exchange.
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🚨 🚨 10,911 #ETH (33,521,815 USD) transferred from unknown wallet to #Coinbasehttps://t.co/tDNl19TSLl
— Whale Alert (@whale_alert) April 19, 2024
Large transfers to big exchanges like Coinbase can cause Ethereum’s price to fluctuate considerably. This is especially true given Ethereum’s vulnerability to overall negative market trends.
Right now, ETH is valued at $3,062.73. There was a slight dip of about 1% on the last day. If you look at the daily chart, you’ll see that Ethereum hit a low of $2,900 before it bounced back up a bit.
Looking at the weekly chart, ETH has dropped more than 6%. With all this instability, everyone is wondering how Ethereum’s worth will change in the next few days.
Ethereum price prediction and SEC updates
If you’re curious about Ethereum’s future price movements, you might find this interesting. The AI models at CoinCodex have made a prediction.
Data collected on April 20 suggests that Ethereum will be priced at $3,117.08 on May 1. That would be a rise of around 1.7% from its current value.
Keep in mind that May is a key month for Ethereum because of some expected changes by the Securities and Exchange Commission (SEC).
One change could be the approval of a direct Ethereum ETF. If they allow this, it’s unclear how it would influence Ethereum’s market. It will be essential to see if it follows the same path as previous Bitcoin ETFs.
Ethereum support levels and market sentiment
On April 16, Crypto expert Ali Martinez recommended that if Ethereum continues to lose value, investors should pay attention to the crucial price range from $2,000 to $2,430. About 9.37 million addresses are holding close to 53 million ETH. If this support base breaks, it might spark greater selling activity and deepen the market drop.
Ethereum’s future doesn’t look bright at its technical markers. A report from TradingView, based on daily readings, suggests a selling atmosphere with a score of 13. This cautious mood is also reflected in other indicators such as moving averages and oscillators, which score 10 and 3, respectively.
Even though some people hold pessimistic views about Ethereum, it might still benefit from any positive market trend. The effects of the Bitcoin halving event could largely influence this.
OKX launches Ethereum Layer-2 network
In other news, OKX, a well-known Crypto exchange, made its Ethereum layer-2 network X Layer accessible to everyone on April 15. People responded positively when its test net was launched in November 2023. Built with a tool called Polygon’s Chain Development Kit, this network allows people to create their chains using advanced zero-knowledge technology.
OKX Chief Marketing Officer Haider Rafique provided some insight into why the firm chose to create its layer-2 network.
According to him, the motivation behind this move was the belief that the most effective way to achieve widespread adoption is not through competition with Ethereum, which represents the largest existing Web3 community. Instead, they believe it is more advantageous to support its scale-up.
As a result, the company aims to use the Polygon and Ethereum communities to attract its 50 million users to the blockchain. Simply put, X Layer is a robust and secure network based on Ethereum, using what’s known as Zero Knowledge Layer-2.
The platform is already quite popular, with more than 200 decentralized applications built on it. These include well-known entities like Etherfi, Chainlink, Curve Finance, Eigen Layer, and Renzo Protocol.
The exchange’s OKB token will be the payment method for operations on this secondary network. Following the launch of this network, OKB’s value increased by 5%, even though the overall digital market was experiencing a slump, affecting major digital assets.
Earlier, there was some disagreement regarding the chain’s branding, which was first introduced as X1. This was due to another platform, also developed by XEN developers, initially called XONE but now recognized as X1.
This situation was confusing users. To avoid any further misunderstandings and potential legal action from XEN developers, OKX renamed the chain X Layer.
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