Ethereum’s failure to close above $1.3K prompts analysts to predict more downside

After the completion of the second-to-last Merge trial on Sepolia’s public test network, Ethereum (ETH), moved one step closer towards completing its transition from proof-of-stake to PoS this week.

Cointelegraph Markets Pro and TradingView data show that Ether prices rallied following the Sepolia Merge of July 6 but have since fallen to a daily low at 1,153 on July 10.

ETH/USDT 1-day chart. Source: TradingView

Here are some predictions from analysts about what could happen to Ethereum’s price in the near future, as it moves towards PoS.

Watch out for a pullback of up to $1,020

Crypto trader and engineer Crypto Feras stated that the recent price action in Ether following the Merge on Sepolia was “giving more clarity than $BTC [at the moment]”, posting the following chart illustrating the rejection at $1280.

ETH/USDT 2-hour chart. Source: Twitter

Crypto Feras said,

“PA still rejects the range-high. A potential bull-flag is being formed (not enough yet). If we keep falling below flag support, $1020 will be coming.

Double top warning

Profit Blue, an analyst and pseudonymous Twitter User, pointed out a potentially bearish formation in the Ether chart. He posted the following chart warning that “both BTC & ETH are forming a same double top pattern (and bearish PA)”.

ETH/USD 4-hour chart. Source: Twitter

Profit Blue said,

“More downside is possible, pay attention the important levels in this table.”

The chart shows that the main levels of support for lower levels are $1,170 and $1,043 respectively.

Related: BTC bull Michael Saylor – Ethereum is an ‘obviously security’

Form of a scending triangle

The price of Ether has traded in a range of $1,050 to $1,245 over the past few weeks, as illustrated in the tweet by Nika Deshimaru. This tweet outlines the major support levels and resistance levels for the most popular altcoin.

Weekly S/R $ETH: $11050/1200 Monthly #ETH S/R: $1100/1700 (argument also for 1400) Daily S/R: $11130/1245 Bullish bullish TA lads would like to see the triangle meme take place off the back of the 1M/1W support bounce. Bears are looking for EMA failure and strong resistance. pic.twitter.com/icEe5Sq0m5
Nika Deshimaru (@Nikadesh), July 10, 2022

Deshimaru highlighted that bulls must break through $1,200 resistance if they are to continue their upward move. Bears, on the other hand, look for resistance from the 21-day Exponential moving average (EMA). This resistance is there to keep the bears in check and apply downward pressure.

com. You should do your research before making any investment or trading decision.
https://cointelegraph.com/news/ethereum-s-failure-to-close-above-1-3k-prompts-analysts-to-predict-more-downside

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