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Crypto community with 94% historical accuracy sets Ethereum price for July 31

Crypto community with 94% historical accuracy sets Ethereum price for July 31

The price of Ethereum (ETH) is rising in unison with the price of Bitcoin (BTC), slowly gaining ground as the wider market prepares for the reading of the Consumer Price Index (CPI) that is slated for July 12. 

If there is a consistent rise in purchasing pressure, Ethereum may be able to break over the immediate barrier located around $1,960 before coming up against the level of $2,000 in the near term. 

As for the second largest digital asset by market caps value for the end of the month, Finbold turned to the price estimates of the crypto community at CoinMarketCap, which has a 93.54% historical accuracy on predicting the end-of-month price for ETH based on estimates made over the last six months.

Notably, based on 501 votes as of July 11, Ethereum is estimated to trade at an average price of $1,848, a marginal 1.24% decrease from the cryptocurrency’s current price.

Price estimates for ETH. Source: CoinMarketCap

The most recent prediction for end of June made by the community had an accuracy rating of over 93%. Meanwhile, Finbold analyzed the predictions by the machine learning algorithm over on the crypto monitoring and prediction platform PricePredictions which expects Ethereum to be $2,105 on July 31, 2023.

ETH price dynamics 

The price of Ethereum has climbed by 62% over the course of the last year, outperforming 87% of the top 100 crypto assets over the same time period. This includes outperforming Bitcoin over this time frame.

At the moment, the price of ETH is trading at $1,875, an increase of 0.42% and an additional 4.21% in the last week, giving it a market worth of $225 billion.

ETH seven-day price chart. Source: Finbold

In addition to this, Ethereum’s price is now trading above its 200-day simple moving average, and there have been 16 green days in the last 30 days, representing a 53% increase.

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