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Ether’s price has dropped over 5% to $2,375 on Tuesday, with its 50-day simple moving average (SMA) on track to cross below the 200-day SMA to confirm the so-called “death cross.”
The pattern indicates that the short-term momentum is about to underperform the long-term average, potentially evolving into a major bearish trend. It often has momentum traders chasing the downside in the market, although the indicator’s record in predicting price trends is mixed.
Other major tokens are also under pressure, with names like BNB, SOL, DOGE and LINK trading below their 200-day SMAs just as ETH. The 200-day average is widely considered a barometer of long-term trends, with dips below the same associated with a bearish sentiment.
BTC, XRP, TRON, ADA and XLM hover above their 200-day SMA.
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