In spite of the recent ups and downs in the prices of the top cryptocurrencies, the value of the second largest asset on the market, Ethereum (ETH), is being projected to hit $3,000 by the end of June, according to the community of CoinMarketCap.
Sunshine and Rainbows for Ethereum, Community Poll Says
Over 15,000 crypto enthusiasts on CoinMarketCap voted to express their belief that Ethereum (ETH) will see its price soar to hit $3,140 by the end of June. Historically, the accuracy rate for these forecasts has been 65%, but, on the other hand, a subsection of 8,500 voters predict that Ethereum’s (ETH) price will hover at $2,982. Should the optimisim shine through into reality, the uptrend enjoyed by Ethereum would result in a 69% increase from its current price.
The #CoinMarketCap community predicts a 78% increase in the price of #Ethereum by June 30, 2022 pic.twitter.com/X7Aj2cunNF
— Fortune Crypto âš¡ (@fortune_btc) June 7, 2022
The Main Reasons for the Community’s Trust in Ethereum
A prominent factor for investor trust in Ethereum (ETH) is certainly related to its large market cap, which stands at $215,130,318,946 at the time of writing. Moreover, the forthcoming ‘Merge’ update will most likely have a positive impact on the trade price of Ether. The Merge, which heralds the long awaited transition from Proof of Work to a Proof of Stake model, is slated to improve network issues that have long plagued Ethereum, those being:
- The scalability of the network;
- Transaction speeds;
- Energy consumption.
Ethereum’s blockchain has often been criticized for its negative impact on the environment, but the move towards the Proof of Stake (PoS) consensus mechanism is expected to reduce the network’s carbon footprint by 99%. Furthermore, some PoS blockchains, for instance TRON, have already expressed their preference for Ethereum over other blockchain technologies. TRON’s issuance of the USDT stablecoin is a great example of why PoS is a better long-term solution.
Ethereum (ETH) Still Under $2000
Despite crypto enthusiasts painting a bright picture for the future of Ethereum (ETH), it is yet to be seen in the price. At press time, Ethereum (ETH) is trading at $1,786.56, according to CoinGecko. Overall, the value of Ethereum (ETH) is down 5.5% in the last 24 hours, 10.8% over the last 7 days, and a whopping 32.6% since a month ago.
On the Flipside
- Ethereum (ETH) recently recorded its lowest transaction amount of the last 18 months.
- ETH 2.0 has been already postponed once before this year.
