that any new crypto currency overtake Eth in times of price value can that be possible?
It's not impossible to overtake Ethereum. This has happened when XRP was in second place. Maybe one day a coin that has a high value will appear. Let's say the coin appears like a YFI coin. However, YFI is limited in supply, so it has not been able to overtake Ethereum.
Yes, the circulating supply of a coin has to be considered to determine if it can overtake the 2nd top coin in the entire crypto space. Price is just a sub-determinant.
Even when XRP took over the second position sometimes ago, it could not sustain the position for an appreciable period of time. ETH is a strong altcoin and I doubt if any other coin will be able to overtake it in position. Well, maybe price-wise, it is possible.