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Ethereum May Have To Undo This Death Cross To Bring Back Bull Run, Quant Reveals
The cryptocurrency market has been experiencing a period of turmoil in recent times, with investors growing increasingly risk-averse. However, according to a recent analysis by Quant analyst, the Ethereum (ETH) price may have to undo a death cross before it can return to its bullish momentum.
A death cross is a bearish signal that forms when a short-term moving average falls below a longer-term one. In this case, the 50-day Simple Moving Average (SMA) has fallen below the 200-day SMA, indicating a potential trend reversal.
It’s worth noting that a similar pattern occurred earlier in 2023, where investors became risk-averse due to a funding rate inversion, and the ETH price followed suit with a period of bearish action. However, once the reverse crossover happened, with the 50-day SMA finding a break above the 200-day SMA, the cryptocurrency market saw a resurgence in bullish momentum.
Given this pattern, it’s possible that we may see a similar event unfold in the future, where the death cross gets undone before the ETH price can begin to climb once more.
Source: https://bitcoinist.com/ethereum-undo-death-cross-back-bull-run-quant/
