While the largest part of the cryptocurrency market has been going through a rough patch in recent weeks, trading sideways at best, its second-largest asset by market capitalization – Ethereum (ETH) – has been no exception, and the crypto community does not seem to expect much improvement in the near future.
Specifically, according to the aggregated 1,388 votes from members of the cryptocurrency monitoring website CoinMarketCap, the average price of Ethereum for May 31, 2023, is currently set at $1,834.52, the information retrieved by Finbold on May 11 reveals.
Indeed, if the CoinMarketCap community’s current projections do come about, this predicted average price would represent a modest increase of +$13.61 or +0.75% to the price of Ethereum at the time of publication.
Meanwhile, the community at the crypto tracking platform has had a historical accuracy of 90.24% in guessing the digital asset’s average price. In other words, it makes it a useful tool for investors to try and gauge the market sentiment and future price trends.
Ethereum price analysis
As things stand, Ethereum is currently changing hands at the price of $1,821, down 0.95% on the day, as well as 4.28% across the previous week, adding up to the cumulative losses of 5.11% on its monthly chart, according to the latest data on May 11.
It is also worth noting that Ethereum had earlier breached an important demand wall at $1,850 – $1,905, as observed by crypto trading analyst Ali Martinez. As he concluded, the digital asset needed to regain this critical support level to avoid declining further, Finbold reported on May 10.
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