Odaily Frontline | What happened to Ethereum? Analysis says there may be another "death cross"

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2019-09-04 21:50 (UTC+8)

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The price of ETH has fallen by nearly 50% since its peak in 2019, and there have only been three death crosses in history.

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The price of ETH has fallen by nearly 50% since its peak in 2019, and there have only been three death crosses in history.

This article comes fromTNW, original author: David Canellis

Odaily Translator |

This article comes from

, original author: David Canellis

Odaily Translator |

To make matters worse, the Ethereum market is on the verge of a "death cross." Delphi Digital, a digital asset research company, commented that this is a terrible technical pattern that has only happened three times in its history.

A "death cross" occurs when an asset's 50-day moving average crosses its 200-day moving average. These intersections are highlighted with red circles in the chart below.

Delphi Digital said, “Due to its relatively short price history, historical precedent for such events is very limited, but in the three previous examples, ETH’s average losses over the next 14 and 30 days were 6% and 30% respectively. 7%. The most recent death cross occurred in April 2018, and ETH fell by more than 20% in the 30 days before the event. In the following two weeks, ETH fell by another 14%.”

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Bagholder's Favorite Cryptocurrency BNB Hasn't Rallyed in a while

Odaily Note: Bagholder is someone who likes to buy high and sell low.

When it comes to the broader cryptocurrency market, Bitcoin has been killing it. In the past 90 days, the price of Bitcoin has risen by more than 36%, making it the best performing large-cap digital asset over the same period.

Delphi Digital stated: "Prices do not necessarily reflect the true intrinsic value of any particular token or digital currency, but the growing sophistication of crypto investors, coupled with the growing narrative that Bitcoin is 'digital gold,' has helped dampen the accounted for most of the publicly traded cryptocurrency market.”

Binance Coin (BNB), the branded token of well-known cryptocurrency exchange Binance, has performed even worse over the past three months.

Last week, BNB fell more than 13%, with Delphi Digital noting that it was among the worst-performing large-cap digital assets for the second week in a row.Stellar Lumens (XLM) are also down sharply, having essentially halved their dollar value in the past 90 days.The pain in the altcoin market can be further illustrated by Bitcoin’s growing “market dominance” (market cap share), which recently hit 70% for the first time since March 2017.

That sounds impressive, but it doesn't mean