Ethereum Loses $1,500 Grip as ETH Heads for Correction

Ethereum may have finally run out of that energy after being at full throttle for the past few days and briefly reaching $1,675.

Altcoin Alpha Finally Entering Expected Correction Phase, Analysts Share Thoughts, Keeping $1,500 Support Zone At Any Cost If Cryptos Want To Start Another Bullish Rally Soon Said I need to.

Let’s take a quick look at Ether’s performance so far this month.

• Ethereum Fails to Hold Vital $1,500 Support Marker
• ETH has fallen 6.3% over the last 7 days
• 3 million addresses holding 9 million ETH could suffer huge losses if ETH continues to fall

Although the data from coin gecko ETH says it didn’t do that after falling 7% over the past 24 hours. Now approaching $120.

The problem doesn’t end there for Second It is the largest cryptocurrency in terms of market capitalization as Bitcoin’s biggest rival could suffer more losses.

Ethereum Can’t Test $1,700 Territory

As the digital currency has been falling for the past few days, some investors and even pundits believed the asset was about to reach the elusive $1,700 marker for quite some time.

However, shortly after peaking at $1,670, the price of Ethereum went to Downward revisiondropped to $1,620, then lost even more of its value to trade at $1,600.

Source: TradingView

The drop didn’t stop there or slow down at all, as investors struggled to see the cryptocurrency begin another pride dump as it fell to $1,501.

As ETH entered the consolidation stage below the $1,500 marker, its resistance level was set at $1,605. Bearish lines have appeared across the chart, indicating that Ethereum will have a hard time recovering immediately after this price correction.

Bears are no matter how you look at them already under control againlosing all gains the cryptocurrency made after rallying alongside Bitcoin towards the end of last month and the first few days of November.

Trouble with 3 million addresses

The altcoin’s failure to hold onto the critical support zone of $1,550 could be attributed to the lack of buying pressure that drove the price down.

However, if the bulls are unable to regain their advantage quickly, they will not only experience a significant drop, but will create further problems for ETH and its holders.

According to recent trading data, 3 million addresses Holding 9 million Ethereum tokens, effectively puts you “out of the money territory” if your assets don’t recover quickly.

Many investors will no doubt record huge losses if cryptocurrencies decide to retrace their memory lane and revisit their recent performance.

ETH total market cap at $182.5 billion on the daily chart | Featured image from Investing.com, Chart: TradingView.com