The crypto market was no doubt shaken by the Bitcoin death cross as it was one of the most dreaded occurrences. Following this event, Ethereum was on its way to face its death cross.
Commenting on the situation, Coinfomania reported that more indicators were pointing to ether suffering a bigger dip than bitcoin because of the impending death cross, while some were thinking about the extent to which there will drop allay the fears by calling to mind price actions at the time.
The analysis also contained predictions that the death cross may happen when ETH is around $1,700 and if ether experience its death cross, the first pivot support around $1,400 may be tested. More bad news for the coin as more traders are liquidating their assets as of that time. The analyst added that regardless of all the indicator’s readings, there is no indication that the largest altcoin by market cap may dip below $1,000.
The most dreaded event never happened as it was averted as soon as the news of the new upgrade gained more grounds but the coin dipped as low as $1,700 and did not flip $1,000. With bearish events prevented, new speculations of $4,000 per unit ether started.
As earlier reported, the ETH/USD may not attain $4,000 this more but is closer to attaining $3,500. Using both Fibonacci Retracement and Moving Average Convergence Divergence, here is why.
Reasons for ETH hitting $3,500
The Moving Average Convergence Divergence (MACD) as explained in other reports is an important indicator that predicts the next price actions of an asset. The time frame under consideration is the daily time and MACD is about intercepting; giving off a bullish signal.
Based on the price channels created by Fibonacci retracement, the current channel that the largest altcoin is in, places the current price of $3,300 with $3,500 which indicates that the coin will hit the set mark soon.
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