I questioned ChatGPT’s Ethereum Classic price prediction and this happened

Disclaimer: The information provided does not constitute financial, investment, trading or other types of advice and is the opinion of the author only

If you’re thinking of adding proof of cryptocurrencies to your portfolio, you’ve probably shortlisted Ethereum Classic (ETC). It is one of the few remaining options in the Proof-of-Work category, but you may have also noticed that it has been particularly overshadowed by its counterpart – Ethereum.

Ethereum Classic’s performance so far this year confirms that it can still catch the attention of investors. However, the network has fallen out of favor from a long-term perspective. Speaking of popularity, AI really took off this year, with ChatGPT at the forefront of the task.

Core data evaluation using ChatGPT AI

Perhaps we can harness the power of AI to try and figure out what the future holds for ETC. I asked ChatGPT about Ethereum Classic and the interaction was rather interesting. The initial plan was to determine the depth of the AI ​​before diving into the type of information I wanted to pursue.

The first question asked ChatGPT to provide a detailed and concise explanation of Ethereum Classic and its basics. Here is the reply –

Here is the response after switching to dark mode and requesting a shorter version –

The AI ​​seems to have a pretty good handle on things based on the information you provided. However, there have been incidents where inaccurate information has been generated, hence the need to verify information. Now that we have a good base, it’s time to bump up the ante a bit. But first, those who watch ETC closely may have noticed that its community has not been very active. Its development has also lagged behind that of Ethereum and other networks.

Our next query focused on determining why the Ethereum Classic network is less popular than Ethereum. He gave the following reasons –

1. Community support: After the 2016 DAO hack, the Ethereum community decided to implement a hard fork that created a new blockchain network known as Ethereum, which received support from the majority of the Ethereum community. Ethereum Classic, which has remained on the original blockchain, has a smaller community and fewer developers.
2. Lack of Updates: Ethereum Classic has not received as many updates and improvements as Ethereum. This has slowed transaction times and reduced advanced smart contract capabilities.
3. Perception of immutability: Ethereum Classic’s commitment to immutability is a key feature for some users. It can also be seen as a liability by others who prefer the flexibility of a blockchain that can be updated if needed.
4. Limited use cases: Ethereum has a wide range of use cases and is widely adopted by companies and developers. Ethereum Classic has a smaller decentralized application ecosystem and is less used in commercial applications.

AI produced all of the above points but it’s hard to argue against. In other words, ChatGPT’s answers were immediate –

Ethereum Classic still has some edge over the competition

I was curious to know what the AI ​​had to say about the advantages of Ethereum Classic compared to its more popular counterpart. I responded with the following points –

1. Immutability: Ethereum Classic has a strong commitment to immutability. Transactions cannot be changed or deleted once they are recorded on the blockchain. This makes ETC a reliable and secure platform for storing and transferring digital assets, and may be particularly attractive to users who prioritize security and decentralization over flexibility and scalability.
2. Proven Technology: Ethereum Classic is based on the original Ethereum blockchain, which has been in operation since 2015. This gives it a longer track record than many other blockchain platforms, and may be attractive to users who value stability and reliability.
3. No Hard Forks: Since separating from Ethereum in 2016, Ethereum Classic has not undergone any hard forks or major upgrades that could cause network disruptions or create competing blockchain networks. This can make it a more stable and predictable platform for developers and users.

So far so good, but the above answers consider what kind of scenario Ethereum Classic will achieve mass adoption. These were the brief points that ChatGPT shared –

The above points highlighted some of the key advantages of adhering to a proof of work system with a heavy focus on decentralization. These characteristics will make the network and its native currency more preferable, especially in the case of harsh regulatory repression. Regulators, especially in the US, have taken an aggressive stance against cryptocurrencies but not to the extreme yet.

Trying to circumvent the brick wall of price analysis

While I was still contemplating the prospects for Ethereum Classic, I decided to explore whether artificial intelligence could have insightful predictions regarding the prospects of ETC. More specifically, I wanted to know when ETC could reach the ETH price at the time of publication of $1,900. Unfortunately, a language-based AI algorithm can do too much and expectations are the limit. This is the answer I gave –

That would have been the end of that attempt, but I recently discovered a DAN (Do Anything Now) jailbreak router which unlocks some restrictions. Moreover, ChatGPT algorithm learns and can also organize raw data into a more useful format. And so an idea was born.

What if we could somehow get chatGPT to understand the history of ETC price action, including past price patterns? We can make them give a more realistic answer regarding price expectations. Or so I thought. Unfortunately, none of the claims including the jailbreak provided a tangible result as the AI ​​can read price charts and identify price patterns.

Back to the basics of technical analysis

After a “fine, I’ll do it myself” moment, I proceeded to evaluate ETC’s most recent price move. The cryptocurrency has been on an overall upward trajectory since March 11th. This, after retesting the support line which is part of the Tweeter price pattern. However, it has recently retested the upper bound of the pattern where it is already showing signs of resistance.

A retest of resistance indicates that the price may post a pivot point. However, the ETC Money Flow Index revealed that liquidity is still flowing into the cryptocurrency. There could be a prolonged rally in the next few months, especially now that ETC is still massively discounted by up to 88%. Long-term forecasts remain uncertain.

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Conclusion

The use of ChatGPT AI provided a huge advantage especially in terms of faster data access. While it does not allow price predictions, it does provide some valuable information. Contrary to expectations, he still can’t do everything.