The price of Ethereum (ETH) is showing a positive correlation with Bitcoin (BTC), as both cryptocurrencies experience upward momentum ahead of the Consumer Price Index (CPI) reading scheduled for July 12.
Investors are closely monitoring the purchasing pressure on Ethereum, with the possibility of a breakthrough above the immediate barrier at $1,960 and a potential test of the $2,000 level in the near term.
According to Finbold, the crypto community’s price estimates at CoinMarketCap, which have shown a historical accuracy of 93.54% in predicting ETH’s end-of-month price over the last six months, project an average price of $1,848 by the end of July. This forecast reflects a marginal 1.24% decrease from the current price.
Meanwhile, PricePredictions, a crypto monitoring and prediction platform, analyzed by Finbold, expects Ethereum to reach $2,105 by July 31, 2023, based on machine learning algorithms.
Over the past year, the price of Ethereum has surged by 62%, outperforming 87% of the top 100 crypto assets, including Bitcoin. Currently trading at $1,875, ETH has seen a 0.42% increase in value and an additional 4.21% rise over the past week, resulting in a market capitalization of $225 billion.
Furthermore, Ethereum’s price is currently trading above its 200-day simple moving average, indicating a positive trend. In the last 30 days, there have been 16 green days, reflecting a 53% overall increase in value.
As always, it’s important to note that the content provided should not be considered investment advice, as investing in cryptocurrencies carries inherent risks, and capital is at risk.
Disclaimer: The content on this site should not be considered investment advice. Investing is speculative. When investing, your capital is at risk.
