On Friday, September 1, a pattern, which is called a “death cross” according to technical analysis, formed on the Ether value change chart.
Although ether is up more than 3.5% in value this week, it is still on track to form a cross.
Such a pattern is formed when the 50-day moving average crosses above the 200-day moving average from top to bottom. This fact may indicate a possible near-term decline in the value of the asset. On the afternoon of Sept. 1, ether traded near the $1600 mark, Coingecko says.
Since its inception, Efirium has experienced six “death crosses,” of which only three correctly foreshadowed the price dropv. These were April 11, 2018, August 2, 2021, and January 28, 2022.
UK-based adult content subscription platform OnlyFans has entered the cryptocurrency market, investing nearly $20 million in ETH over the year