If certain technical analysis tools can suggest a drop in the price of Ethereum, market sentiment seems to be in good shape. As can be seen from the consensus of more than 15,000 members of the Coinmarketcap platform.
Peter Brandt is not very optimistic about the price of Ethereum
Present on the financial markets since 1975, Peter Brandt is known to the crypto community. Bitcoin peaks and busts have been particularly predictable in recent years. According to the trader, the price of Ethereum could go down up to $ 1,268, if the technical configuration he predicted were to be confirmed. To support his position, Brandt cites the presence of a descending triangle in everyday details. As the tweet posted the day before yesterday with accompanying graphics suggests:
The “Crypto Tony” trader also suggested a case similar to his 200,000+ Twitter followers, wondering if a descending triangle on the ETH chart was “too clear” to ignore. Tony Crypto bearish estimates were slightly higher, however in the $ 1,450 to $ 1,600 range.
The more positive Coinmarketcap community!
If Ethereum 2.0 is ridiculed or ridiculed on social networks, the devs seem to have their own. Wednesday’s test phase looks set to end, and developers are now moving forward with the move to the mainnet. A transfer that would make it possible to move from Proof of Work (PoW) to Proof of Promise.
A transfer is expected for next August and will be approved by the Ethereum network significantly reduce its energy consumption. For many users, a successful transition from PoW to PoS would send a strong buying signal to the market.
So according to over 15,000 members of the Coinmarketcap community, the outlook seems overwhelming bullish around Ethereum. By June 30 next, respondents on average estimate that a single ETH signal will be able to trade at $ 3,131. A feature that would see Ethereum price increase by 75% compared to the current price.
If hope seems to be in order, it’s hard to imagine such a strong increase in barely 3 weeks. Compared to previous months’ forecasts, the public is showing very irregular results. If the Ethereum price forecast for April 2022 was relatively good (89.91% accuracy), May was chaotic. An aspect to put into perspective taking into account the black swan that represented the collapse of Terra’s ecosystem.
On the day, the price of Ethereum went up 0.99%. In a slightly bearish market context (-0.92%).
What about the long term?
Since the beginning of the year, Ethereum price has fallen more than 50%. Compared to the highest level ever recorded in November 2021, the ETH signal has losses of more than 68%.
Despite these poor numbers, driven by a falling crypto market, prediction algorithms remain largely optimistic. So, according to data from WalletInvestor, ETH could get price levels back above $ 3,500. within 12 months. If we rely on data from DigitalCoinPrice, it is also the bullish trend. In the next 6 months, the platform estimates that the price of Ethereum could exceed $ 2,500.
TradingBeasts platform, on the other hand, tends to follow bearish estimates. According to the models, the price of Ethereum could dangerously hit the level of 1,000 dollars by the end of 2023. In the long run, the consensus seems to be bullish. But these predictions should be taken with a grain of salt.. Especially when they are established over the long term.