On January 23, Ethereum (ETH), the second largest cryptocurrency by market cap, was trading in the green above $1,600 after a solid start to 2023.
The crypto community has set the Ethereum price for January 31, 2023!
While the number of Ethereum addresses with a balance greater than zero increased steadily, reaching an all-time high of 92.5 million addresses on January 22, there is a chance for ETH/USD to strengthen if Ethereum network activity and usage continues to rebound.
According to data received by Finbold on Jan. 23, votes cast by members of the crypto-tracking platform CoinMarketCap project indicate that Ethereum will change hands on Jan. 31, 2023 at an average price of $1,424.
If the 2,272 member vote predictions come true, this means that the price of ETH at the end of the month will drop by – 12.75%, or – $208 more, compared to its current value of $1,632 at the time of writing.
Ethereum social average price prediction. Source: CoinMarketCap
The performance of the crypto community’s forecasts for the previous six months has historically determined the price of the flagship decentralized finance (DeFi) token with an accuracy of 77.77%.
Ethereum average price prediction accuracy. Source: CoinMarketCap
Ethereum price analysis
According to data received by Finbold, Ethereum is up 0.55% in the last 24 hours and is up 8% from the previous week. Notably, Ethereum now has a market cap of over $200 billion, after an inflow of $54 billion since the start of 2023.
Ethereum 24-hour price chart. Source: Finbold
The increase in demand could break Ethereum’s $1,680 ceiling, which could push the price to $1,750. However, if prices dip below $1,600, the downtrend could continue to around $1,560.
Disclaimer: The content on this site should not be considered as investment advice. Investment is speculative. When investing, your capital is at risk.
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