Recently, I came across a Web page that shows how all over the place "the fold" can be in Web design. In the good old days, the fold would comfortably sit somewhere around 550-700 pixels tall, and most sites rarely did things that caused the fold to move.
Nowadays, there's no such thing as just one size in Web design. A lot of conversation about the fold tends to be about how we can manage to display all of the things that we think belong on a particular page. In a mobile-friendly world, here are some of the thoughts that are regularly included in that conversation:
How can you fit everything that's "above the fold" onto a small, mobile screen? If you decide the solution is to have multiple folds, how many sizes do you target? How many different folds do you need to consider as newer devices are added in the future? Do users even know they can scroll below the fold? (Spoiler: They do).
So many questions.
I think the best approach is to let your content strategy be your guide. If your primary business goal is to sell more of a particular product, then the items on the page should help customers find the product and get them to the information they need. Anything else on the page that doesn't serve that goal can slow your customer down. This doesn't mean there's no room for copywriting that sets a tone, imagery that engages a customer or SEO drivers, but all of these things need to consider their place within the content strategy.
If we're focusing our design and content on our business goals, we can stop worrying about content hierarchy, as every element on the page becomes the most important thing your customer should see right now.