The post Ethereum: Is a price correction on the cards for ETH? appeared on BitcoinEthereumNews.com.

Metrics revealed that investors were still buying Ethereum. Its MVRV Ratio was up, suggesting that ETH’s price might go up soon.  Ethereum [ETH] astonished investors with its latest bull rally that allowed it to surpass the $18,000 mark. In fact, during that period, ETH’s supply on exchanges hit a historic low level. However, the weather was changing as the king of altcoins’ price witnessed a price correction over the last few hours. Is your portfolio green? Check the ETH Profit Calculator      Ethereum’s supply on exchanges hit a record low As the crypto market gained bullish momentum, Ethereum, being the top altcoin, registered a promising uptick. In fact, in just the last seven days, ETH’s price rose by more than 12%. While the token’s price surged, investors continued to buy ETH. 😮🐳 #Ethereum has fared well during this market-wide #crypto surge. Prices crossed $1,850 for the first time since August 15th, and the now 8.41% of $ETH supply on exchanges is the lowest since #genesis in 2015. Whale transactions also hit a 6-month high. https://t.co/yApmiKc7Ib pic.twitter.com/QZRRmt1AET — Santiment (@santimentfeed) October 24, 2023 Santiment’s recent tweet revealed that ETH’s supply on exchanges hit a record low. To be precise, Ethereum’s supply on exchanges has reached the lowest level since Genesis in 2015, suggesting that investors continued to stockpile. However, soon after this episode, ETH’s price started to decline. According to CoinMarketCap, ETH was down by more than 2% in the last 24 hours. At the time of writing, it was trading under the $1,800 mark at $1,770.32 with a market capitalization of over $212 billion. Are investors starting to sell ETH? Despite the recent drop in its price, Ethereum’s metrics suggested that investors continued to buy more tokens. This was evident from CryptoQuant’s data which showed ETH’s net deposits on exchanges were…

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Filed under: News - @ October 26, 2023 5:20 am