finbold.com
Over the last few months, Ethereum (ETH) and the wider cryptocurrency market have operated in an atmosphere characterized by high inflation, in which the Federal Reserve took steps to enforce high-interest rates.
Notably, riskier assets like Ethereum have been hit hard as concerns about an economic slowdown have increased, with the second-largest cryptocurrency by market cap briefly falling below the $1,000 support zone in June.
Notwithstanding the substantial decline in the price of Ethereum since the start of the year, the community over at CoinMarketCap is forecasting that the decentralized currency will trade at an average price of $2,529 by July 31, 2022.
This projection has received 11,529 votes and is $1,479 or 140% more than ETH’s current price.
Ethereum price analysis
At the time of publication, Ethereum is trading at $1,052, up 1.69% in the last 24 hours and down 13.25% over the previous week. The total market worth of the DeFi asset is $127 billion, according to data from CoinMarketCap data.
Nevertheless, it is not all doom and gloom for the decentralized asset as it holds above the crucial $1,000 support level.
Indeed, data recorded in June found that Ethereum has been continuing to accumulate hundreds of thousands of new addresses, specifically, the network has been adding around 500,000 new addresses each week, surpassing 200 million cumulative addresses, as of June 8.
While recently Meta’s (NASDAQ: FB) Facebook has started testing Ethereum and Polygon NFTs with select creators in the U.S. at the same time Circle’s Euro Coin is available now on Ethereum and will be supported by leading crypto exchanges and DeFi protocols.
Disclaimer: The content on this site should not be considered investment advice. Investing is speculative. When investing, your capital is at risk.