A new machine learning algorithm has forecast the future price of Ethereum (ETH), the second largest cryptocurrency by market capitalization.
Specifically, the algorithm predicts that Ethereum’s price will be higher on June 30 than it was on June 7.
Crypto forecast platform “PricePredictions” forecasts that Ethereum will be trading at an average price of $1,956.92 U.S. on June 30, which would be 6% higher than where the digital token was trading at on June 7.
The algorithm’s prediction suggests that cryptocurrencies will rally towards the end of June.
Cryptocurrencies have been trending downward in recent days as regulators in the U.S. launched lawsuits against crypto exchanges Coinbase (COIN) and Binance.
Ethereum has seen its price decline about 1% since the start of June due largely to sector weakness.
However, the Ethereum network saw large institutional investors sell more than 1.6 million tokens in the 48 hours after the U.S. Securities and Exchange Commission (SEC) filed suit against Coinbase and Binance.
Traders and investors are experimenting with machine learning and artificial intelligence (A.I.) to see if the technologies can accurately predict the future direction of stocks, cryptocurrencies, and other asset classes.
