The cryptocurrency market has recorded many ups and downs in 2023. While many assets have witnessed a rebound with prices rising after a tough 2022, things have taken a different course in a short time. Ethereum, on the other hand, managed to recover quite well in this process and entered the position of searching for a new route in its price for a while.
In addition to the rally in the market, blockchain received an additional boost following the long-awaited Shapella upgrade, which aims to facilitate the path to achieve higher security, decentralization and scalability.
But pressure from the SEC cryptocurrency also fueled uncertainty in the market. Ethereum price, on the other hand, has not determined a clear direction amid this pressure.
The CoinMarketCap community, which stands out with the accuracy of its predictions, estimates the price as $ 1809 for June 30, 2023. This means an average increase of 10%.
The community’s Ethereum price prediction previously came true with an accuracy of 92.25%. The end of May forecast was 98%, which could be almost perfect.
Ethereum Price Analysis
ETH price tumbled 9.4% on the weekly chart and traded between $1632 and $1916.
The Fed’s decision caused Ethereum price to drop below the $1,720 support after the cryptocurrency failed to absorb enough buying pressure to break above the $1,780 resistance.
You can follow the current price action here.