The crypto market has been in a state of suspense since BTC had the death cross. As of the time of writing the market fundamentals still intact as the total value of the industry is shuffling between $1.38 billion and $1.3 billion.
The current situation with Bitcoin is affecting the entire crypto industry. As a result, almost every tradable cryptocurrency are in the dip. The second crypto by market cap is not exempted from the state the market is in.
More indicators are pointing to ether suffering a bigger dip than the king coin. As of press time, the biggest altcoin is also heading for a death cross. The death cross is raising concerns about the extent to which ethereum will drop.
Using the pivot point standard, it is clear that ETH is already bearish as it is trading below its pivot point. The good news is that the coin is not close to testing the first support at $1,400 at this time.
However, MACD is displaying the sell signal and is showing no sign of retracing. The relative strength index agrees with MACD as it is heading towards the oversold region.
The death cross may happen when ETH is around $1,700. If ether experience its death cross, the first pivot support may be tested. More bad news for the coin as more traders are liquidating their asset.
Regardless of all the indicator’s reading, there is no indication that the largest altcoin by market cap may dip below $1,000.
As of now, the second-largest cryptocurrency by market cap has finally settled between $2,000 and $1,800. Ethereum may continue to trade within this price range until a change in the market fundamental.
What will transpire during the next 24 hours will define how the week will end. If the $1,800 support flip during this time, a new chart pattern may unfold and the death cross may hasten as a result.
The crypto industry becoming more bearish by the day. The fear and uncertainty rocking the market will deter any reverse of the current market sentiment
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