Crypto community with 80% historical accuracy sets Ethereum price for May 31, 2022

Ethereum (ETH) may have been trading bearishly for the past week, along with the general cryptocurrency market, but the crypto community still remains optimistic about its price movements by the end of May.

Indeed, despite Ethereum’s recent drop in price, the community at CoinMarketCap is projecting that the digital currency will trade at an average of $3,634 by the end of May 2022, with 21,532 votes and an 80% historical accuracy rate.

The price estimated by the community votes indicates a $770.80 (+26.92%) increase from the decentralized finance (DeFi) asset’s current value of $2,863.

At the same time, the votes from 13,640 community members for the end of June have set a somewhat lower goal than May’s, estimating that ETH would trade at $3,260.93 on June 30, which is up by $396.07 or 13.89% from the current price.

Based on the performance of previous projections, the crypto community has historically predicted the month-end price of Ethereum with an accuracy rate of 79.85%.

ETH price analysis

Currently, Ethereum is trading at $2,863, down 3.93% on the day and as much as 9.02% across the previous seven days, according to CoinMarketCap data.

As things stand, Ethereum has a total market worth of $347.23 billion, retaining its position as the second-largest digital asset by market capitalization.

Ethereum at the center of finance digitization

Meanwhile, it isn’t just the crypto community that is bullish on Ethereum’s future price.

In fact, according to Bloomberg’s senior commodities analyst Mike McGlone, Ethereum’s role at the center of the digitalization of finance and money may serve as a foundation for additional price rises in the near future.

Furthermore, last month the commodities expert suggested that the price of Ethereum will continue to go up as it matures into “the collateral of the internet,” its supply decreases, and demand increases, Finbold reported.

Whether or not the community’s and experts’ optimistic expectations will materialize, remains to be seen.

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