Ethereum (ETH) may have traded bearish alongside the broader cryptocurrency market over the past week, but the crypto community remains bullish on its price action through the end of May.
In fact, despite Ethereum’s recent price drop, the CoinMarketCap community predicts that the digital currency will trade at an average price of $3,634 by May 2022 with 21,532 votes, with 80% historical accuracy.
The community-voted estimated price represents an increase of $770.80 (+26.92%) from the current value of the DeFi asset of $2,863.
Meanwhile, a vote from 13,640 community members set the target for the end of June just below May, estimating ETH would trade at $3,260.93 on June 30, up $396.07 or 13.89% from its current price.
Based on previous forecast performance, the crypto community has historically predicted Ethereum’s month-end price with 79.85% accuracy.
Ethereum Price Analysis
Ethereum is currently trading at $2,863, down 3.93% on the day and as much as 9.02% over the past seven days, according to CoinMarketCap.
As of today, Ethereum has a total market capitalization of $347.23 billion and maintains its position as the second-largest digital asset by market capitalization.
Meanwhile, not only the crypto community is optimistic about the future price of Ethereum.
In fact, according to Bloomberg senior commodities analyst Mike McGlone, ethereum’s role as the center of financial and monetary digitization could underlie further price gains in the near term.
Additionally, the commodities expert hinted last month that ethereum’s price will continue to rise as its supply dwindles and demand increases, as it matures into “internet security,” as reported by Finbold.
It remains to be seen whether the optimistic expectations of the community and experts will be fulfilled.
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