Traders target $1,400 Ethereum price after ETH drops closer to a critical support level

The Ethereum network successfully merged to become proof of stake on its Ropsten testnet on June 8. However, the news did not have an impact on the ETH price.

Analysts have maintained a bearish outlook on Ether prices in the short-term because the Ropsten upgrade is now more of a “buy the rumor, buy the news” type event. Let’s take another look.

ETH/USDT 1-day chart. Source: TradingView

Is Ether able to escape the head-and-shoulders pattern?

Twitter analyst “Cactus” pointed out a bearish head-and-shoulders pattern and asked if Ether price could follow the sharp downside that usually follows completion of such patterns.

ETH/USD 1-week chart. Source: Twitter

Cactus said,

“This is what we’re getting excited about?” It’s hard to remain bullish until S/R (support/resistance) flips 2K.

Below $1,800 are the areas to watch for support. This chart was posted by crypto analyst and pseudonymous Twitter User il Capo. He ominously stated that “Lower highs happen all the time, and that support has already been touched a lot of many times.”

ETH/USD 1-day chart. Source: Twitter

According to the analyst,

“Clean break of $1700 and last leg down would confirm, main target = $1,000.”

Further downside is predicted by the descending triangle pattern.

Crypto Tony also highlighted a separate, but bearish, descending triangle chart pattern. He wondered if it was “too obvious” to ignore.

ETH/USD 1-day chart. Source: Twitter

Based on the Crypto Tony chart, an area below the current price could cause Ether to drop to the $1.450-$1,600 range.

Related: Ethereum double Doji’ pattern suggests a 50% ETH price rise by September

Price momentum turns negative

Cantering Clark, a cryptocurrency trader, offered a macro view of Ether’s weakness. He said, “If this time wasn’t slightly different, then I would look at the $ETH chart and think, ‘Big ships turn slowly and they don’t stop easily.

ETH/USD 1-week chart. Source: Twitter

Clark Cantering said

This could signal the start of real momentum down by using high-frequency measures. You should do your research before making any investment or trading decision.