Recent changes in Ethereum's chart signal possible price declines. The 'death cross' could foreshadow further market fluctuations.
Death Cross on Ethereum Chart
Ethereum (ETH) has formed a 'death cross' on its hourly chart, where the 50-hour moving average has crossed below the 200-hour moving average. This event often indicates potential price declines.
Price Dynamics and Origins
In the last 24 hours, the cryptocurrency market experienced $758 million in asset liquidations, accompanied by volatile trading in Ethereum. On Friday morning, the price of ETH dropped from a July 31 high of $3,878 to a low of $3,563, followed by a slight recovery to $3,633.
Future Predictions for ETH
Despite a shaky start to August, Ethereum rose over 48% in July, its best performance in three years. Current prices face resistance near $4,000, which has historically proven to be a critical resistance level. The $4,500 level, according to Glassnode, could also be a key point for future growth.
The formation of a 'death cross' may signal investors to closely monitor market changes. Resistance levels remain critical for Ethereum's further dynamic behavior.