On Friday, September 1, on the chart of changes in the cost of ether, a figure was formed, which, according to technical analysis, is called the “death cross”.

Although Ethereum is up more than 3.5% this week, it is still on track to form a cross.

This pattern is formed when the 50-day moving average crosses below the 200-day moving average. This fact may indicate a possible near decline in the value of the asset. On the afternoon of September 1, Ether is trading near the $1,600 mark, Coingecko says.

Since its inception, Ethereum has experienced six death crosses, of which only three correctly foreshadowed a price drop. It was April 11, 2018, August 2, 2021 and January 28, 2022.

British adult content subscription platform OnlyFans entered the cryptocurrency market, having invested almost $20 million in ETH over the year. However, now the value of Ether on the company’s balance sheet is $11.434 million.

Recently it became known that the US Securities and Exchange Commission (SEC) will approve the first applications for futures ETF ETFs in October