This week, Ethereum The price is gaining momentum in the bull run at an extraordinary pace. The main reason behind this momentum is the excitement surrounding the Ethereum ETF approval given by the SEC this week. Within a week, the Ethereum price rose to $3,947 and is just shy of reaching $4,000.
It is estimated that the listing of the ETH ETF will take place towards the end of this year. Therefore, the expectation of a boom in ETH price is increasing. In this context, there are predictions on the potential impact of the upcoming ETF listing. Additionally, we were asked about ChatGPT’s predictions for predicting the Ethereum price trend.
22% Weekly Bounce Prepares Ethereum for a Breakout of $4000
With a remarkable bullish return of 22% this week, the 1W chart shows a massive bullish engulfing candle on the verge of breaking $4000. The rise in ETH price sets the bullish tone for the coming week.
Moreover, it is possible to say that the remarkable jump in trading volume supports the upward trend. Considering that buyers continue the bull run and ignite a rally above $4000, an explosive uptrend is possible reaching $6854 or the 1618 Fibonacci level. However, with Ethereum ETF listings BitcoinAn unprecedented bull run in ETH price is possible, similar to . Therefore, ChatGPT was asked to predict the ETH price ahead of the Ethereum ETF.
Ethereum ETF Rally Prediction By ChatGPT
While asking the latest version of ChatGPT about the ETH price trend, the AI shared the basis of its prediction. By making comparisons with the BTC price around the launch of Bitcoin ETFs and current market sentiment and technical levels, AI offers two possible trends for ETH.
While immediate resistance lies at $4000, AI is highlighting important resistances at $4617 and $6854.
Conservatively, ChatGPT forecast for Ethereum ahead of ETF listing targets $4873 and $5248. An optimistic forecast reveals that it will rise to $5998, with a potential increase of 60%.
