<\/p>\n
- \n
- Ethereum was down by more than 2% in the last 24 hours.\u00a0<\/span><\/em><\/li>\n
- Social volume remained high, but selling pressure was increasing.<\/span><\/em><\/li>\n<\/ul>\n
Ethereum\u2019s [ETH]<\/span><\/a> 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\u2019 price might rise in the days to follow. <\/span><\/p>\n
\nRead<\/span> Ethereum\u2019s [ETH] Price Prediction<\/span><\/a> 2023-24<\/span><\/p>\n
\nNotably, 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\u2019s value to pump.<\/span><\/p>\n
Ethereum\u2019s price is at a critical level<\/b><\/h4>\n
After a pump on 16 October, Ethereum\u2019s price underwent a correction. As per<\/span> CoinMarketCap<\/span><\/a>, in just the last 24 hours alone, ETH\u2019s price dropped by more than 2%. At press time, it was trading at $1,549.76 with a market capitalization of over $186 billion. <\/span><\/p>\n
Even as the token\u2019s price sank, it also reached a critical level, according to Mag, a popular crypto trader and analyst.<\/span><\/p>\n
\n
$ETH<\/a> \u270d\ufe0f<\/p>\n
ETH\/BTC finally hit my target of 0.055, price it testing the long term trendline support zone!<\/p>\n
Expecting a strong bounce here.. https:\/\/t.co\/PRIJAL4fIG<\/a> pic.twitter.com\/BSbZQSo9Ca<\/a><\/p>\n
\u2014 Mags (@thescalpingpro) October 18, 2023<\/a><\/p>\n<\/blockquote>\n
As per the tweet, ETH\/BTC\u2019s price was resting on a long-term support trendline. If the price managed to remain above it, then investors might expect<\/span> ETH<\/span><\/a>\u2019s value to register a surge in the days to follow. <\/span><\/p>\n
Therefore, a look at ETH\u2019s metrics gave a better understanding of what the future might hold. According to<\/span> CryptoQuant<\/span><\/a>, <\/span><\/p>\n
ETH\u2019s net deposits on exchanges are high compared to the 7-day average, meaning that selling pressure on the token was high. Its taker-buy-sell ratio revealed that selling sentiment was dominant even in the derivatives market. <\/span><\/p>\n
However, Santiment\u2019s data told a different story, as Ethereum\u2019s Supply outside of Exchanges flipped its Supply on Exchanges, meaning that investors were accumulating more tokens.<\/span><\/p>\n
![\"\"](\"https:\/\/statics.ambcrypto.com\/wp-content\/uploads\/2023\/10\/Ethereum-ETH-15.14.51-19-Oct-2023.png\")
<\/a><\/p>\nSource: Santiment<\/p>\n<\/div>\n
Are investors actually selling Ethereum?<\/b><\/h4>\n
CryptoQuant\u2019s data also revealed that while<\/span> ETH<\/span><\/a>\u2019s exchange netflow rose, its Coinbase premium turned green. This pointed out that US investors\u2019 buying pressure was relatively strong on Coinbase. ETH\u2019s Social Volume also remained high, reflecting its popularity in the crypto market. <\/span><\/p>\n
However, its Weighted Sentiment dropped, which was a negative signal.\u00a0<\/span><\/p>\n
- Social volume remained high, but selling pressure was increasing.<\/span><\/em><\/li>\n<\/ul>\n
![\"\"](\"https:\/\/statics.ambcrypto.com\/wp-content\/uploads\/2023\/10\/Ethereum-ETH-15.18.01-19-Oct-2023.png\")
![\"\"](\"https:\/\/statics.ambcrypto.com\/wp-content\/uploads\/2023\/10\/ETHUSD_2023-10-19_15-25-02.png\")