Crypto community with 92% historical accuracy sets ETH price for June 30, 2023

The CoinMarketCap cryptocurrency community price estimate is based only on the votes of its users. Estimates do not guarantee end-of-month prices.

The 2023 year has breathed new life into the crypto market, with many major cryptocurrencies and altcoins witnessing a striking recovery following an extremely harsh 2022. Among digital assets that saw a significant rebound in price is Ethereum (ETH), the world’s second-largest cryptocurrency by market cap.

Apart from the broader market rally, ETH price received an additional boost following the long-awaited Shapella upgrade, aimed at facilitating the blockchain’s road to achieving higher security, decentralization, and scalability.

However, the market is now facing fresh uncertainty stemming from the intensifying regulatory crackdown on the industry, led by the US Securities and Exchange Commission (SEC). Seeking further insights, on how this could impact ETH’s price, Finbold analyzed the latest crypto community predictions on CoinMarketCap on Thursday, June 15 for the end of this month.

For June 30, 2023, the community members predict an average Ethereum price of $1,809, representing a potential price increase of 10.31% from the current price.

CoinMarketCap community’s price prediction for June-end. Source: CoinMarketCap

When it comes to ETH, this community had a historical accuracy rate of a whopping 92.25%, while the accuracy for Ethereum’s May-end price stood at more than 98%.

CoinMarketCap community’s prediction accuracy rate for the past 6 months. Source: CoinMarketCap

Ethereum (ETH) price analysis

At press time, ETH was trading at $1,644, down 5.6% in the past 24 hours.

On a weekly chart, Ethereum is down more than 11.2%, trading in a notable trading range from $1,632 to $1,916 during that period.

The latest decline in crypto prices came after Federal Reserve left kept its target interest rate unchanged at its meeting on June 14, saying it plans to “assess additional information” in determining whether more hikes are needed following 10 consecutive rate increases since March 2022.

The Fed’s decision sent Ethereum price tumbling below the $1,720 support after the cryptocurrency failed to attract enough buying pressure for a move above the $1,780 resistance.

Disclaimer: The content on this site should not be considered investment advice. Investing is speculative. When investing, your capital is at risk.

Source: https://finbold.com/crypto-community-with-92-historical-accuracy-sets-eth-price-for-june-30-2023/