- More than half believe Ethereum will end the year above $2,000, GNY study finds
- GNY Range Report uses advanced AI Crypto Intelligence to forecast the volatility of the 12 top cryptocurrencies
Retail crypto traders are increasing their focus on Ethereum as its price continues to climb, new international research* from GNY.io Limited, the leading blockchain-based machine learning business, shows.
GNY, which has developed the free AI-powered Range Report (gnyrr.com) a cutting-edge machine learning tool designed specifically to forecast the volatility of 12 top cryptocurrencies by leveraging multiple data points and advanced algorithms, carried out its study when Ethereum was around $1,900 having gained around 54% this year.
It has recently further enhanced the tool to use large language models (LLMs) such as OpenAI’s ChatGPT and Meta’s LLaMa 2, making it even easier for users to identify notable changes in trends and signals in the crypto market.
GNY’s research shows 76% of the non-professional traders trading at least $5,000 a month on cryptocurrencies it questioned in the UK, US, Germany, Brazil, Hong Kong, Singapore, the UAE and South Africa believe Ethereum will end the year above $1,900. More than half (55%) believe it will end the year above $2,000 with 11% predicting it will climb to more than $2,500 by the end of 2023.
The strong price performance is driving more interest in Ethereum and an increased focus on the cryptocurrency as part of their monthly trading, the research shows.
Last year just over one in 10 (11%) non-professional traders said Ethereum accounted for 50% or more of their monthly trading. The study found that is set to rise to 17% of traders using Ethereum in 50% or more of their trading. Around 54% of traders say Ethereum will account for 25% or less of their monthly trading this year.
GNY’s innovative platform empowers traders with accurate intelligence on potential price fluctuations, helping them make informed investment decisions as well as providing guidance on how to use and read charts, and market-wide information. It simplifies the complex world of crypto into digestible information.
Cosmas Wong, CEO GNY said: “Ethereum is the bedrock of many portfolios of crypto traders, and our research shows that many are looking to increase their allocation to this cryptocurrency as they expect the rally in its price to continue.
“However, there is so much ‘noise’ on Ethereum and other digital assets that it can be difficult to find reliable and useful data on which to base trading strategies.
“Our GNY Range Report (gnyrr.com) has been designed to provide crypto traders with all of the market information they need on Ethereum and other leading cryptocurrencies, as well as some oversight as to what could happen to their price in the short-term. Our model has been predicting the accuracy of ETH’s daily volatility at around 96% for the last 7 days.
“The GNY Range Report (gnyrr.com) is not a traditional news or chart aggregation platform. It leverages the power of machine learning to identify patterns in top crypto assets’ historical trading in order to forecast price volatility, delivering them in an approachable way.”
“Even looking at the GNY Range Report, which is extremely streamlined, can be too much for people who are interested in crypto but short on bandwidth”, says Wong. “Our LLM driven Readouts will summarize the token’s trends. It is currently saying that ETH is showing bearish signals but these trends may be weakening, with a potential for a bullish reversal in the near future. Will that happen? We’d have to see, but it is always useful to have the objectivity of an AI driven analysis as one of our toolkits.”
How to use the report
The GNY Range Report is free to use and can be found at www.gnyrr.com It is a cutting-edge machine learning tool designed specifically to forecast the volatility of the 12 top cryptocurrencies. By leveraging multiple data points and advanced algorithms, the innovative platform empowers traders with accurate intel into potential price fluctuations, helping them make more informed trading decisions.
Unlike traditional market analysis tools, the GNY Range Report serves as a centralised hub, gathering and consolidating all relevant information in one place. The GNY Range Report ensures traders have access to the most pertinent data without feeling overwhelmed.
With its user-friendly interface and intuitive design, the GNY Range Report caters to both professional traders and passionate enthusiasts. It is a prosumer product that combines the robustness required for in-depth analysis with the accessibility needed for traders at any level of expertise.
Visit the GNY Range Report and unlock the power of data-driven analytics for the AI-edge in cryptocurrency trading. Visit www.gnyrr.com today and discover a new level of clarity in the crypto market.
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