Ethereum (ETH), known as the king of altcoins, has had a strong performance in 2024 but has not yet surpassed its all-time high (ATH) like Bitcoin (BTC) and other cryptocurrencies. Despite a 65.58% year-to-date rise, ETH has struggled to maintain its price above $3,800, facing strong resistance at that level. However, the recent announcement of spot exchange-traded funds (ETFs) for Ethereum on May 23 could potentially change this situation. The approval of these ETFs is expected to attract institutional and individual investors and potentially boost ETH’s price.
OpenAI’s advanced AI model, ChatGPT-4, was asked to assess the impact of the ETF listing on ETH’s price. According to the AI model, the approval of these ETFs is a significant victory for Ethereum and ETH, with the potential to raise the price to $4,750. This optimistic prediction takes into account factors such as the influx of new investors and increased market sentiment towards Ethereum.
ChatGPT-4 also outlined two possible scenarios for ETH’s future. In a highly optimistic scenario, if the ETFs result in higher inflows than expected and ETH’s price stabilizes above $4,000, the price could rise to $5,000. However, there is also a bearish scenario where excessive profit-taking after the ETFs listing could cause ETH’s price to drop to around $3,300. This scenario is based on the market reaction seen after the approval of spot Bitcoin ETFs in January.
It is important to note that the information provided in this article does not constitute investment advice. Investors should be aware of the high volatility and risk associated with cryptocurrencies and should conduct their own research.
