Ethereum 'Death Cross' Signals Long-Term Bearish Trend Amid Market Sell-Off

The Ethereum network has formed a rare 'death cross' on its weekly chart, a pattern that signals a long-term bearish trend. This phenomenon occurs when the 50-week exponential moving average falls below the 200-week average. Historically, such events are rare and often precede a reversal.

In contrast to previous sell-offs, Ethereum has not shown any signs of recovery in its price, which has dropped by nearly 4% in a day and about 30% compared to last year. Bitcoin is also under pressure, with a drop of around 2% over the past 24 hours keeping its price within the lower part of the $62,000 range.

The sell-off has affected the entire market, with the total cryptocurrency market capitalization excluding Bitcoin and Ethereum falling by 30% since January. The decline was evenly distributed among altcoins rather than concentrated in specific projects.