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Crypto community with 90% historical accuracy sets Ethereum price for May 31, 2023

Crypto community with 90% historical accuracy sets Ethereum price for May 31, 2023

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.

ETH end-of-May price estimation. Source: CoinMarketCap

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.

ETH 6-month estimation accuracy. Source: CoinMarketCap

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. 

Ethereum 7-day price chart. Source: Finbold

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.

Disclaimer: The content on this site should not be considered investment advice. Investing is speculative. When investing, your capital is at risk.

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