Most of the cryptocurrency market has been going through a tough time in the last few weeks. Second largest asset by market value Ethereum (ETH) was no exception. The crypto community doesn’t seem to expect much development in the near future.
Cryptocurrency Based on a total of 1,388 votes from members of tracking site CoinMarketCap, the average price of Ethereum for May 31, 2023 is currently set at $1,834.52.
Indeed, if the current predictions of the CoinMarketCap community come true, this estimated average price would represent a modest increase in Ethereum price of $13.61 or 0.75%.
Meanwhile, the community on the crypto tracking platform has had a historical accuracy of 90.24% in predicting the average price of the digital asset. In other words, it makes it a useful tool for investors to experiment and measure market sentiment and future price trends.
Currently, Ethereum is trading at $1,821, down 0.95% on the day and 4.28% over the previous week, according to the latest data. However, it adds up to the cumulative losses of 5.11% on its monthly chart.
It should also be noted that Ethereum had previously breached a significant demand wall at $1,850 – $1,905 levels, as observed by crypto trading analyst Ali Martinez. As Martinez pointed out, the digital asset needed to regain this critical level of support for it not to drop further.