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). $1,020 will be coming if we keep falling below flag support.”

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 bearishPA.”

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: 1130/1245 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.
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.

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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 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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