The cryptocurrency market is witnessing significant levels of volatility as it attempts to maintain a market value of more than $1 trillion.
Ethereum (ETH), the second biggest asset by market capitalization, is also experiencing volatility as it awaits the long-awaited Merge upgrade, which will see it migrate from the Proof-of-Work (PoW) algorithm to Proof-of-Stake.
Increasingly, investors have speculated on the moves in the near future among the expectation. CoinMarketCap’s crypto community has issued positive forecasts on the price of decentralized finance (DeFi) assets, forecasting that ETH will trade for over $2,000 by September 30, 2022.
Using CoinMarketCap’s ‘Price Estimates,’ the community predicted that Ethereum will trade at $2,102 by the end of September, a 29.16% rise over the asset’s current price.
The estimate is based on the average of the 2,154 votes cast by community members as of the publishing date.
Currently, Ethereum is trading at $1,625, representing a daily rise of 4.5% and a weekly decline of 13.8%, according to data obtained by Finbold from CoinMarketCap. Currently, research indicates that the overall market value of ETH is $198 billion.
Notably, Rekt Capital’s crypto trading researcher said in his technical analysis that ETH may soon establish a lower high similar to 2021.
Antoni Trenchev, a co-founder of the cryptocurrency loan company Nexo, confirmed the potential of an Ethereum price increase in August. Nonetheless, it will rely on the first success of the upgrade based on a ‘positive feedback loop,’ indicating that the initial success of the Merge will be crucial to propelling Ethereum far higher.
Also Read: PayPal Joins The TRUST Network Of Coinbase
Wallets