The crypto crash can be troubling, but the crypto community maintains its bullish position for the price of Ethereum (ETH) as of June 30, 2002. They are forecasting it to climb up to 78% by the end of the month.
The CoinMarketCap community has predicted that ETH will trade at $3,140 at the end of the month. This latest project has garnered over 15,362 votes and has reached an accuracy record of 65%.
Therefore, when you compare the current value of ETH, which is $1,758, to the estimated value of the crypto community, an increase of $1,382, or the equivalent of 78.59%, is obvious.
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On the other hand, over 8,442 members of the crypto community had lower targets for ETH, whose trading value was hovering at $2,982 as of June 30, predicting an increase of $1,224.6 or about 69.66% compared to its current price. .
Transfer of ETH from PoW to PoS
Ethereum is gaining momentum in terms of investor interest and trading value. Ethereum may undergo a change from proof-of-work to proof-of-stake mechanism. Mapped transitions for ETH are sure to improve its speed, scalability, performance and efficiency.
With a proof-of-stake mechanism, stackers are responsible for validating each transaction. Staking will be equal to a deposit of 32 ETH which will activate the validator software.
With the change to PoS, users get to save on gas charges, which is a weakness of the PoW mechanism with high gas charges. In addition, it also has a low carbon footprint.
On the other hand, the dominance of the ETH blockchain is weakening as NFTs move to other blockchains with lower fees. But, it is important to note that even though Solana has been consolidating for the quarter, ETH remains at the top of the food chain at the time of writing.
ETH total market cap at $211 billion on the daily chart | Source: TradingView.com
Bitcoin Is Pulling ETH Up 5%
While ETH has been in a depressing position in 2022, it is gaining traction and crossed the $1.8k mark, and is shooting further for $2k. However, the increase may be related to ETH’s reliance on Bitcoin as the top cryptocurrency is also up 5%.
ETH balances on various crypto platforms have also increased since May to 550,459 ETH, or approximately $950 million in total value of flows across crypto exchanges.
ETH’s correction could be a result of these factors. But, always focusing on the long game is mission-critical.
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Featured image from TIME, chart from TradingView.com
