Although Ethereum’s (ETH) rally at the start of 2024 was as strong as that of many other major cryptocurrencies, its subsequent performance has been marked by substantial fluctuations. In recent weeks, it has experienced a significantly greater drop than its peers.
As of August 19, Ethereum is still up 14.62% year-to-date (YTD). However, it has dropped 26.25% in the last 30 days, with the current price at $2,578.30—more than 36% below its yearly high of over $4,070.
Despite the volatility, 2024 has been a pivotal year for Ethereum, with increased adoption by institutional investors partly driven by the approval of the first-ever spot ETH exchange-traded fund (ETF).
The price drop from yearly highs has not altered the general perception of Ethereum as the world’s second-largest cryptocurrency. According to BlackRock (NYSE: BLK), it remains the only one, besides Bitcoin (BTC), considered worthy of an ETF.
Predictive Algorithm Forecasts ETH Price for August 31
Amid the sharp crypto market moves and persistent hopes that Ethereum has yet to reach its actual 2024 highs, Finbold consulted the predictive algorithms of PricePredictions, a platform specialized in forecasting asset prices, to determine where ETH might stand by the end of August.
Contrary to its performance since the start of 2024, the predictive machine learning algorithms expect ETH’s price to stabilize in the coming weeks. However, despite the forecasted lack of significant volatility, ETH is expected to continue its downward trajectory in the foreseeable future.
According to the predictive platform, Ethereum is projected to decline to $2,502.59 by August 31. This would represent a 2.94% drop from its current price as of Monday, August 19.
Nevertheless, this anticipated decline would not be enough to turn the YTD chart negative, with the token still up 9.76% compared to its starting price in 2024.