Ether Heads for 'Death Cross'

The chart of the day is brought to you by crypto dot com. The world's fastest growing crypto app. Let's take a look at the chart of the day. Ether remains on track to form a long term bearish indicator known as a death cross. This trading view chart shows that Ether's 50 days simple moving average is on pace to move below its 200 day moving average which would confirm a death cross or in other words, signal a growing weakness in Ether's price. The cryptocurrency's last death cross occurred in late January 2022. However, Ether has seen six death crosses so far of which only three actually lived up to the reputation. The rest turned out to be contrary indicators catching traders on the wrong side of the market. This suggests the death cross is unreliable as a standalone indicator. Still the impending death cross is consistent with the bearish outlook in the Ether options market and lingering concerns about the slowdown in Ethereum network usage, which remains to be seen, not all concerns though are warranted. As some say, the decrease in Ethereum network usage could point to increased popularity of Ethereum layer two scaling solutions, which is a long term positive development for the Blockchain Ether is currently trading at around $1630. That's a wrap for today's chart of the day. I'm Jen Senai. We'll see you next time to unpack more of the data behind top news stories.