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The section of your website that is viewed before a user has to use the scrollbar. The term comes from the newspaper industry where important front page content was literally placed above the fold so it can be viewable in newsstands when the newspaper is folded. A website's fold is located in the first 500 pixels.
Here is an example:
In the first screen shot, we see all the content that is visible "above the
fold":
But there is more content on this page when you scroll down, this is
known as below the fold: