During the ups and downs experienced the previous day, investors realized that the spot-Bitcoin exchange-traded fund (ETF) witnessed its historic approval. However, this confirmation turned out to be fake and created waves in the cryptocurrency market, affecting the prices of Bitcoin (BTC) and other crypto assets.
Observations, trader interest Ethereum It indicates a significant market reaction, characterized by a significant shift towards (ETH), marked by a significant increase in price and trading volume. This notable move underscores a shift in sentiment in the market, according to a post by crypto analyst The Wolf of All Streets on X on January 10.
Latest data and confirmation of this altcoin With its potential on price, Finbold used artificial intelligence (AI) chatbot ChatGPT from OpenAI to predict the price of Ethereum in the event of ETF approval by the SEC.
ChatGPT Scenarios for ETH Price
Koinfinans.com As we reported, ChatGPT outlined the most likely scenario and potential range for Ethereum in the event of spot-Bitcoin ETF approval, pegging the ETH price range at $5,000 to $7,000 due to positive market sentiment and environment.
In a bullish scenario, approval of a Bitcoin ETF would crypto- It could increase institutional interest in coins and benefit Ethereum due to its significant market presence. Positive developments such as advancements in Ethereum technology, adoption of Ethereum 2.0, or positive developments in decentralized finance (DeFi) applications could strengthen the optimistic outlook and expand the price range from $8,000 to $10,000.
In a bearish scenario, regulatory disruptions, security issues, or market downturns could occur. This may lead to negative developments and a potential sale in the cryptocurrency market. AI noted that technical difficulties or delays in Ethereum 2.0 implementation could further weaken investor confidence and lead to downward pressure on the price of Ethereum, potentially rising from $3,000 to $4,000.
Ethereum Price Analysis
At press time, ETH is trading at $2,402, up 4.61% in the previous 24 hours. In this context, it contributed to the 1.44% gain last week and the 6.95% increase in the last 30 days.
Technical indicators point to a bullish outlook for ETH. There is a consensus of ‘strong buy’ at 17 buy signals, supported by the moving averages confirming another ‘strong buy’ at 14 buy signs. Additionally, the oscillators are compatible with a ‘buy’ rating with 3 buy signals.
It remains to be seen whether the potential approval of a Bitcoin ETF will positively impact the Ethereum price. However, technical indicators and artificial intelligence gave a rather optimistic verdict.