Machine learning and artificial intelligence algorithms developed by the cryptanalysis and forecasting platform PricePrediction indicate a possible strengthening of market sentiment regarding Ethereum (ETH).

By March 31, 2024, it is expected that the price of Ethereum could reach $4005.01, according to the latest calculations carried out by March 6.

This forecast is based on an analysis of factors such as the average true range (ATR), convergence of moving averages (MACD), relative strength index (RSI) and Bollinger Bands (BB), and assumes that the corresponding algorithms will function correctly.

At the moment, Ethereum is trading at $3,845 with a daily increase of 1.3% and a weekly increase of 8.1%.

An analysis of the price chart over the past 30 days also indicates that the digital asset can show a "strong buy" signal for all major technical analysis indicators, which gives optimism.

Ethereum is expected to maintain its upward momentum, which will contribute to achieving the projected goal, especially given the approval of an Ethereum-based spot exchange-traded fund (ETF).

In addition, a large-scale update of the Ethereum network called Dencun is planned on March 13, which may also have a positive impact on sentiment towards the asset.

However, it is important to remember that the situation in the cryptocurrency market can change very quickly, so before making a decision about investing, it is necessary to conduct your own detailed research and carefully assess all the risks.