Ethereum has finally exhausted its energy after working at full strength over the past few days, bringing it briefly to $1,675.
As altcoin alpha finally enters the expected correction phase, analysts share their views saying that if the crypto is expected to launch another bullish rally soon, maintain its $1,500 support area at all costs. should keep.
Let’s take a look at how Ether has fared so far this month:
- Ethereum Failed to Hold the Important Support Marker of $1,500
- ETH is down 6.3% in the last seven days
- If ETH continues to fall, 3 million addresses holding 9 million ETH could suffer huge losses
but data koingeco Say that ETH failed to do so after a 7% drop during the last 24 hours. At press time, it was trading at $1,480 and is now $120 shy of the crucial support range that it must hold to fuel another rally.
The problem doesn’t end here for Seiko.Ra More damage could be in store for the top rival of bitcoin, the largest cryptocurrency in terms of market capitalization.
Ethereum fails to test the $1,700 area
As the digital currency plunged over the past few days, some investors and even experts believed it was on its way to eventually reach the $1,700 mark, which has been the asset’s trend for some time now. had become elusive.
But shortly after peaking at $1,670, Ethereum price entered a negative correctionIt fell to $1,620 and then lost some more of its value to trade at $1,600.
The decline didn’t stop there or slow down at all as investors watched hard as the crypto began another pride dump as it plummeted to $1,501.
As ETH is now entering a consolidation phase below the $1,500 marker, its resistance level is set at $1,605. A bearish line has emerged across its chart, indicating that it will be challenging for Ethereum to recover immediately after this price correction.
Bears, from the looks of it, are already under controlThe cryptocurrency lost all of its gains after rallying side by side with bitcoin late last month and in the first few days of November.
Trouble for 3 million addresses
The failure of the altcoin at its crucial support area of $1,550 can be attributed to the lack of buying pressure which has led to the decline in the price.
But if the bulls don’t make their gains anytime soon, more than just experiencing a massive drop, there will be more trouble for ETH and its holders.
According to recent transaction data, there are 3 million addresses Holding 9 million Ethereum tokens that would effectively be placed under the “out of the money zone” if the asset fails to bounce back any time soon.
If the cryptocurrency decides to take another trip down memory lane and revisit its recent performance, many investors will surely register tremendous losses.
ETH total market cap at $182.5 billion on the daily chart | Featured image from Investing.com, Chart: TradingView.com