Veteran futures trader Peter Brandt has suggested that the price of Ether (ETH) could drop to $1,268 in the coming month, but the consensus among the 15,500 members of the CoinMarketCap community is that the price will hit around $3,131 by June 30th.

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The Ethereum network is now in the final stages of its long-awaited merger with the beacon chain and transition to proof of stake, and on June 8, the developers confirmed that they have successfully completed the merger of the Ropsten testnet.

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While the time frame is often pushed back, the merger is scheduled to launch around August if all goes according to plan. The transition to Proof-of-Stake will significantly reduce the energy consumption of the Ethereum network, as well as increase its security.

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However, the price of ETH has barely reacted to the latest encouraging developments and has fallen by 1.7% in the last 24 hours to $1,788 at the time of writing.

Brandt has been trading since 1975 and has captured the attention of the crypto community in the past by predicting some of Bitcoin’s historical ups and downs.

If the bearish scenario he outlined for ETH comes true, it will drop another 29% this month.

On June 7, Brandt showed a monthly chart from April to June to his 648,000 Twitter followers and noted that the rest of June could be tough for Ethereum unless market sentiment shifts significantly:

“Classic chart 101. This is a POSSIBLE descending triangle. Unsuccessful termination, if it is not immediately canceled, will not be constructive.

Crypto trader Tony also spoke about a similar scenario to his 201,000 Twitter followers, asking if the descending triangle on the ETH chart was “too obvious” to ignore. Crypto Tony’s bearish valuations were slightly higher, however, in the $1,450 to $1,600 range.

But the CoinMarketCap community seems optimistic — or at least optimistic — about the near future of ETH, with 15,466 voters estimating an average price of $3,131.75 by June 30th. A rise to this level would mark a gigantic 75.37% gain. .

CoinMarketCap allows The community voted on projected price targets via a tab on the asset listing pages, in addition to this prediction, around 8,500 people estimated that ETH would hit $2,981.27 by July 31, or 66.94%, shortly before the merger.

Overall, the CoinMarketCap community voting on ETH price predictions has seen varying levels of success since December.

Price Analysis 6/8: BTC, ETH, BNB, ADA, XRP, SOL, DOGE, DOT, AVAX, SHIB

They predicted the closing price of ETH in 2021 with 88.40% accuracy, meaning they were 11.6% below the actual price of $3,682.63 at their $4,109.65 valuation.

They then predicted bearish declines in January with 54% accuracy, February with 76.17% accuracy, March with 89.91% accuracy, and April with 62.41% accuracy. However, they fell heavily in May with an accuracy of 16.97%, although it was an unprecedented month when the Do Kwon Terra ecosystem caused a multi-billion dollar market crash.