Ethereum Loses $1,500 Grip As ETH Heads Down To Correction Phase

Ethereum may have finally exhausted its energy after going full throttle over the last few days that enabled it to briefly hit $1,675. As the altcoin alpha has finally entered the expected correction phase, analysts shared their thoughts, saying the crypto, at all cost, must hold its $1,500 support zone if it hopes to initiate another bullish rally anytime soon. Let’s take a quick glance at how Ether has performed so far this month: Ethereum failed to hold the crucial $1,500 support marker ETH has declined by 6.3% over the last seven days Three million addresses holding 9 million ETH could suffer huge losses if ETH continues to decline But data from Coingecko says ETH failed to do that as after going down by 7% during the last 24 hours. At press time, it is trading at $1,480 and it is now $120 shy of the crucial support range it should maintain to fuel another rally. The problem doesn’t end there for the second largest cryptocurrency in terms of market capitalization as more losses could be underway for Bitcoin’s top rival. Ethereum Fails To Test $1,700 Territory As the digital currency was on a tear during the last couple of days, some investors and even experts believed it was on its way to finally hitting the $1,700 marker which became elusive for the asset for quite some time now. But shortly after peaking at $1,670, Ethereum price entered a downside correction, falling to $1,620 and then losing some more of its valu...