After losing 13% to Bitcoin, Ethereum price prints a ‘deathcross’

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Based on a combination of technical and fundamental indicators, the ETH price could lose another 20% versus Bitcoin in March. Market Analysis Own this piece. This article is an NFTEthereum native token. A death cross occurs when an asset’s 50-period moving mean moves below its 200-period moving mean. Similar chart patterns were seen in December 2007 ahead of the global economic crisis. ETH/BTC daily chart. Source: TradingViewThe U.S. Securities and Exchange Commission’s crackdown against crypto staking could cause a similar short-term selloff. Source: TradingView. The latest ETH/BTC death cross could lead to a similar short-term selloff, primarily due to capital flows to and fro Bitcoin and Ethereum funds. According to CoinShares’ weekly report, Bitcoin-based investment funds attracted $183 million in 2023 compared with Ethereum’s $15million. Next targets for ETH/BTCThe weekly chart shows the next targets for ETH/BTC. This includes the 0.067-0.065 BTC region, which has been a strong support level in recent years. ETH/BTC weekly chart. Source: TradingViewConversely, a decisive break below the 0.067-0.065 BTC range could have ETH enter an extended selloff toward the 200-week exponential moving average (200-week EMA; the blue wave) near 0.055 BTC, down about 20% from current price levels.Notably, the 200-week EMA served as a bottom to the November 2021-June 2022 bear cycle. This article does NOT contain investment advice. Every trade and investment involves risk. Readers should do their own research before making a decision.

 

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