Ethereum’s [ETH] price again witnessed a price correction that pushed its value down again under the $1,600 mark.
Ethereum undergoes a price correction and is sitting at a critical support level. Most market indicators remain bearish on the token.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.
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., 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.As per the tweet, ETH/BTC’s price was resting on a long-term support trendline. If the price managed to remain above it, then investors might expectETH’s 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.
However, Santiment’s data told a different story, as Ethereum’s Supply outside of Exchanges flipped its Supply on Exchanges, meaning that investors were accumulating more tokens.’s exchange netflow rose, its Coinbase premium turned green. This pointed out that US investors’ buying pressure was relatively strong on Coinbase. ETH’s Social Volume also remained high, reflecting its popularity in the crypto market.
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