Blockchain news flash is here! Odaily Planet Daily reported that recent technical analysis has issued a warning signal to altcoin bulls, and the ETH/BTC exchange rate has fallen below the support level and is on the verge of falling into the death cross technical pattern.
What is a death cross? Simply put, a death cross occurs when the short-term moving average is lower than the long-term moving average, indicating a potential long-term bearish momentum shift.
According to TradingView data, the 50-week simple moving average (SMA) of the ETH/BTC exchange rate seems likely to cross the 200-week moving average. This upcoming death cross indicates risk aversion or long-term underperformance of ETH and other altcoins relative to BTC.
The ETH/BTC exchange rate has fallen nearly 10% this year to 0.048. While we remain neutral on the outlook for altcoins, we remain optimistic about Bitcoin.
Remember, investing is risky, choose carefully!
