Ethereum (ETH) is the second-largest cryptocurrency by market cap and a leader in its Web3 and decentralized finance (DeFi) niche. Up nearly 100% in 2023, ETH investors now turn their eyes to the token’s performance in 2024.
In particular, Finbold recurred to Grok’s AI for insights on the price of Ethereum for the end of the year. Grok is an artificial intelligence model developed by xAI, a start-up founded by Elon Musk and directly connected to X.
Notably, Grok sets the most likely range for the end of the year between $4,000 and $5,000 per ETH. According to the AI, the maximum Ethereum can reach in 2024 is $6,500, while the minimum is $2,500.
The artificial intelligence forecast is extremely bullish because ETH currently trades at $2,306 by press time. However, Grok shows inaccuracy because the market is already below the minimum. For context, Finbold prompted the AI with the current prices; thus, it was aware of this information.
Ethereum (ETH) analysis
Interestingly, Grok provided the following analysis to justify the above forecast:
“Our Ethereum price prediction for the end of 2024 takes into account various factors, such as the successful Shanghai upgrade, the transition to Proof-of-Stake, and the potential for Ethereum ETFs. The Ethereum ecosystem’s growth, as well as the impact of the Dencun Upgrade, are also considered. With a projected minimum price of $2,300, a maximum of $6,500, and an average of $4,000, Ethereum has the potential to experience significant gains in 2024.”
— Grok, by xAI
Nevertheless, its justification is solid and considers recent or current events possibly impacting Ethereum’s value. It is also notable how Grok fixed the minimum to what ETH is currently trading at. Therefore, a run to the aforementioned average at $4,000 is likely and would result in a 74% yearly price appreciation.
In a bullish outlook, ETH could see a surge superior to 180% to its maximum. This is an attractive case of a great risk-reward opportunity if Grok is proven right moving forward.
All in all, investors must play cautiously and do their own research to find the best investment strategy. Institutional investors like BlackRock and Franklin Templeton have their eyes on the leading Web3 blockchain, which could fuel its demand. The highest risk is Ethereum being dethroned by capable competitors like Solana (SOL).
Disclaimer: The content on this site should not be considered investment advice. Investing is speculative. When investing, your capital is at risk.
Eugen Boglaru is an AI aficionado covering the fascinating and rapidly advancing field of Artificial Intelligence. From machine learning breakthroughs to ethical considerations, Eugen provides readers with a deep dive into the world of AI, demystifying complex concepts and exploring the transformative impact of intelligent technologies.