Ether price stalls at $1,630 after gaining 50% in under a week

The cryptocurrency market saw little price action on July 21 as traders took time to process gains and book profits after the largest relief rally since June.

The Ethereum Merge is consistently at the top of this list despite speculation surrounding the reasons for the recent rally. After a Sept. 19 tentative date was set for mainnet Merge, the market rally kicked into high gear.

Cointelegraph Markets Pro and TradingView data show that Ether (ETH) prices hit a high point of $1620 on July 20. However, they retraced to $1,463 on July 21. Since then, the price has risen above $1500 support.

ETH/USDT 1-day chart. Source: TradingView

After the initial price surge triggered by the Merge announcement is over, here are some predictions from analysts about Ether’s mainnet transition towards proof-of-stake.

Healthy pullback

According to Rekt Capital market analyst, Ether’s pullback of July 21 is a good development. He posted the following chart, which highlights the importance and subsequent rise above $1,300 in its weekly close.

ETH/USD 1-week chart. Source: Twitter

Rekt Captial said:

“Though #ETH could continue higher to reach upper orange, it would be better for ETH to drop. This would increase the probability of continued trading.

The July 21 pullback is in line with this outlook. It suggests that there may be a move to $1,700 within the next few days.

Be on the lookout for a sharp fall to $1,200

The modest retrace of Ether was also anticipated by Team Lambo (crypto trader, pseudonymous Twitter user), who provided the following chart, showing clear rejection at $1630 and 10% respectively.

ETH/USDT 1-day chart. Source: Twitter

In a tweet, Team Lambo explains:

“Now, the larger correction will be below $1,440, and almost certainly will experience a sharp fall towards $1,200, so wait for that move for #Ethereum.

Related: What are Ethereum’s long-term goals? Vitalik Buterin explains live at EthCC

Lower highs and lower lows

CryptoLinns, a market analyst, posted the following chart. It shows that the July 20 move did not create a new high and the July 21 drop did not make a new low on the 4-hour chart.

ETH/USDT 4-hour chart. Source: Twitter

CryptoLinns stated,

“The candle that burned the longest showed a longer shadow line. This is a sign of demand. Volume is not sufficient. Be on the lookout for candle demand that is ongoing.

CryptoLinns says the current support level at $1450 is where overhead resistance is at $1630.

Altcoin Sherpa, a crypto trader, posted this chart that provides a final insight into the key levels to be on the Ethereum chart. It shows lower levels of support at $1.012 and $1.281 as well as overhead resistance at $1.701, $2.145, and $2.465.

ETH/USD 1-day chart. Source: Twitter

The total cryptocurrency market is now worth $1.039 trillion, and Ether has a dominance rate of 18%.

com. You should do your research before making any investment or trading decision.

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Eileen Wilson

Eileen Wilson –Technology and Energy My Name is Eileen Wilson with more than 5 years of experience in the Stock market industry, I am energetic about Technology news, started my career as an author then, later climbing my way up towards success into senior positions. I can consider myself as the backbone behind the success and growth of topmagazinewire.com with a dream to expand the reach out of the industry on a global scale. I am also a contributor and an editor of the Technology and Energy category. I experienced a critical analysis of companies and extracted the most noteworthy information for our vibrant investor network.

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