Ethereum movement is hitting a crash and try reach below a significant trendline. Transaction data revealed that 3 Million addresses holding 9 Million ETH could turn into the territory of “out of money.”
Since 26 Oct, ETH price reached a top near $1680, a surge of 24% upside. This massive movement occurred due to a weaker foundation, and meanwhile, the momentum indicator RSI created a lower high. A breakout occurred on the trendline connecting higher lows, confirming the bearish outlook for ETH.
This bearish pressure can push ETH to the $1370-$1390 territory. Investors are anxious about looking Global In/Out of the Money at IntoTheBlock, as it shows 2.96 million addresses bought ETH (9 million) at $1,579 are at risk.
While ETH holders are disappointed, if the 4-h candle closes above $1646 can trigger a further upside move, maybe toward $1708-$1768 territory.
