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Ethereum ETH/USD is the second-largest cryptocurrency in terms of market capitalization.
However, Ethereum has been the home for a lot of decentralized applications (dApps) that paved the way for Decentralized Finance (DeFi) as well as non-fungible tokens (NFTs).
Furthermore, the cryptocurrency is planning on undertaking a huge upgrade by the end of 2022, where it will finally switch to the Proof-of-Stake (PoS) consensus mechanism with the introduction of ETH 2.0.
Numerous Ethereum updates as catalysts for growth
On June 23, 2022, Ethereum’s EF JavaScript team gave us an update on the Gray Glacier Upgrade, where the HF is expected to happen on June 29, 2022, which could boost the value of the cryptocurrency.
Tim Beiko, a developer and prominent figure in the Ethereum space, announced the depreciation and shutdown timelines for Kiln, Ropsten & Rinkeby on June 21, which showcased what kind of future Ethereum’s ecosystem could have.
We also covered how The Sepolia Beacon Chain launch could impact the broader Ethereum ecosystem and its future value on June 21.
It is clear that there are numerous updates and developments currently happening in the Ethereum space, and this could lead to a breakthrough in its value, assuming ETH passes a specific price barrier.
Should you buy Ethereum (ETH)?
On June 27, 2022, Ethereum (ETH) had a value of $1,231.46.
In order for us to see what this value point represents for the future of the Ethereum (ETH) cryptocurrency, we will be going over its all-time high point of value, as well as over its performance throughout the previous month.
When we take a look at its all-time high, Ethereum (ETH) reached it on November 10, 2021, when the cryptocurrency had a value of $4,878.26.
When we go over the performance of the previous month, its highest point of value was on May 4 at $2,951.12.
Its lowest point was on May 28 at $1,724.92. This marked a decrease in value of $1,226.2 or 41%.
It is clear that the Ethereum (ETH) cryptocurrency has dipped in value, and if it breaks the $1,300 price barrier, it could reach $1,500 by the end of July 2022.
However, if it falls under the $1,200 price range, it could reach $999 by the end of July, which might make the cryptocurrency worth reconsidering.
The post Will Ethereum (ETH) fall under $1,000 or can it get back up in value? appeared first on Invezz.
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Disclaimer
The views and opinions expressed in this article are solely those of the authors and do not reflect the views of Bitcoin Insider. Every investment and trading move involves risk - this is especially true for cryptocurrencies given their volatility. We strongly advise our readers to conduct their own research when making a decision.