Although crypto crashes can seem alarming, it is clear that the crypto community continues to be bullish for Ethereum’s (ETH) prices through June 30, 2002. They expect it to rise by 78% before the month ends.
CoinMarketCap has forecast that ETH trades at $3,140 in the last month. This project now has over 15362 votes, with a record accuracy of 65%.
Consequently, a comparison of the current value in ETH at $1.758 to the anticipated value of crypto-community will reveal an increase of $1.382, equivalent to 78.59%.
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However, the target price for ETH was lower than expected by 8,442 members of crypto communities. It traded at $2,982 as of June 30. This project a jump in $1,224.6, or approximately 69.66%, compared to the current price.
PoW to PoS: ETH shifts
Ethereum is gaining popularity in terms both of trading value and investor interest. Ethereum could be moving from a proof–of-work system to one that is proof-of–stake. The transition ETH has made will improve its performance and speed as well as its scalability.
Staker are responsible to validate each transaction with the proof of stake mechanism. The stake would equal 32 ETH, which will activate the validator software.
PoS allows users to avoid gas fees. That’s one of the weaknesses in the PoW scheme with its high gas charges. Additionally, the carbon footprint is also reduced.
However, ETH’s dominance in the blockchain space is waning due to NFTs shifting to cheaper blockchains. But, it’s important to note that even though Solana is coming on strong for this quarter, ETH remains on top of the food chain as of this writing.
ETH market capital at $211 billion according to the daily chart. Source: TradingView.com| Source: TradingView.com
Bitcoin pulling ETH Up by 5%
While ETH has been in a depressive state in 2022, it’s gaining traction and has surpassed the $1.8k mark, and is shooting next for $2k. However, the surge may be related to ETH’s dependence on Bitcoin as the top cryptocurrency has also had an upward trend of 5%.
Eth balances across different crypto platforms increased by 550,459 ETH (roughly $950 million) since May.
ETH’s correction may be the result of these factors at play. But, it’s mission-critical to always focus on the long game.
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Featured Image from TIME. Chart by TradingView.com