• ETH was down by more than 3% in the last seven days. 
• Market indicators and metrics remained bearish. 

The price of Ethereum [ETH] has constantly plummeted, which might have sparked concerns among investors. However, as per the latest data, this price action might hold better things, as the token’s price might skyrocket soon.

Ethereum is still under bears’ pressure

According to CoinMarketCap, ETH’s price has fallen by more than 3% in the last seven days. Moreover, in just the last 24 hours, its value dropped by over 1%.

At the time of writing, it was trading at $2,170.21 with a market capitalization of over $260 billion.

The price drop also stirred up bearish sentiment around the token, as shown by its plummeting Weighted Sentiment. Nonetheless, it remained a topic of discussion in the crypto space, which was evident from the high Social Volume.

But in a spot of good news, Mags, a popular crypto trader and analyst, recently shared a chart suggesting that ETH’s price could break out in January 2024.

As per the tweet, ETH’s price was testing a long-term support level, which historically has always been followed by price upticks.

Every time #Ethereum has tested the long-term trendline support, it has tri

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Author: Dipayan Mitra

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