Ethereum Price Prediction as Vitalik Compares X's Social Media Algorithm to Crypto – Here's What You Need to Know
The price of Ethereum (ETH) has declined by 2% in the past 24 hours, dropping to $1,782 amid a similar fall for the wider cryptocurrency community today.
ETH is now down by 4% in the past week and by 6% in the last 30 days, with the market's biggest altcoin having risen by 49% since the start of 2023.
Ethereum's moves today also come following the publication of a blog by Vitalik Buterin, who praised Twitter's (now X's) recent Community Notes feature, which uses a complex algorithm to rank comments according to usefulness.
Interestingly, Buterin suggests that Community Notes is one of the best examples to date of the use of transparent "crypto values" in the mainstream, something which could pave the way for further similar uses in the near future.
Ethereum has begun what looks like a notable selloff, with its indicators currently suggesting that there's still a little more room for the altcoin to fall further before it rights itself.
Its relative strength index (purple) is about to drop below 30, which would indicate that the coin is oversold and due a correction upwards.
This may not happen for a few more days, however, with ETH's 30-day moving average (yellow) still some distance above its 200-day average (blue), even though it has begun sliding downwards.
At the same time, the altcoin's support level (green) has been declining for several weeks now, and could potentially drop to its level in mid-June – at around $1,640 – before the picture begins to improve.
As grim as this may look for Ethereum, it needs to be said that today's fall has little do with the cryptocurrency and its platform on any fundamental level, with cryptocurrency market down across the board.
Indeed, today's dropoff is largely the product of global
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