• Ethereum was down by more than 2% in the last 24 hours. 
• Social volume remained high, but selling pressure was increasing.

Ethereum’s [ETH] price witnessed another price correction, pushing its value down under the $1,600 mark once again. However, there was hope for a new bull rally as a trendline revealed that the king of altcoins’ price might rise in the days to follow.

Read Ethereum’s [ETH] Price Prediction 2023-24

Notably, ETH/BTC hit a target of 0.055, as its price was testing the long-term trendline support zone. If the price remains above the line, investors can expect ETH’s value to pump.

Ethereum’s price is at a critical level

After a pump on 16 October, Ethereum’s price underwent a correction. As per CoinMarketCap, in just the last 24 hours alone, ETH’s price dropped by more than 2%. At press time, it was trading at $1,549.76 with a market capitalization of over $186 billion.

Even as the token’s price sank, it also reached a critical level, according to Mag, a popular crypto trader and analyst.

$ETH ✍️

ETH/BTC finally hit my target of 0.055, price it testing the long term trendline support zone!

Expecting a strong bounce here.. https://t.co/PRIJAL4fIG pic.twitter.com/BSbZQSo9Ca

— Mags (@thescalpingpro)

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Author: Dipayan Mitra

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