The collapse of the cryptocurrency may be alarming, but the crypto community maintains its bullish position for the price of Ethereum (ETH) by June 30, 2002. They expect it to rise by 78% by the end of the month.
The CoinMarketCap community expected ETH to trade at $3,140 at the end of the month. This latest project received more than 15,362 votes and scored an accuracy of 65%.
Hence, comparing the current value of ETH, which is $1,758, to the expected value of the crypto community, it shows an increase of $1,382, or 78.59%.
On the flip side, more than 8,442 members of the crypto community had a lower target for ETH, trading value hovering at $2,982 by June 30, which is anticipating a rise of $1,224.6 or roughly 69.66% over its current price.
Convert ETH from PoW to PoS
Ethereum is gaining momentum in terms of investor interest and trading value. Ethereum’s transition from Proof of Work to Proof of Stake may be in the works. The planned transition of ETH is bound to improve its speed, scalability, performance, and efficiency.
With the Proof of Stake mechanism, stakeholders have the responsibility to validate each transaction. It will be ambiguous staking the 32 ETH deposit that will activate the validator program.
With the move to PoS, users get to save on gas fees, which is one of the weaknesses of the PoW mechanism with high gas fees. In addition, it also has a low carbon footprint.
On the other hand, the dominance of the ETH blockchain is weakening due to the transition of other NFTs to other blockchains with lower fees. But, it is important to note that although Solana is getting stronger this quarter, ETH is still at the top of the food chain as of this writing.
ETH total market cap at $211 billion on the daily chart | Source: TradingView.com
Bitcoin withdraws ETH by 5%
While ETH was in a depression in 2022, it is gaining traction and crossed the $1.8k mark, after which it launched for $2k. However, the rally could be related to ETH’s dependence on Bitcoin as the top cryptocurrency also has a 5% bullish trend.
ETH balances on various crypto exchanges have also increased by 55,459 ETH since May, or nearly $950 million in total value flows to crypto exchanges.
The ETH correction may be a result of these influencing factors. But it is important to always focus on the long game.
Suggest reading | Ethereum Loses $1800 – Will the Bear Market Push ETH Even Deeper?
Featured image from TIME, chart from TradingView.com