{"id":22489,"date":"2022-07-11T01:04:47","date_gmt":"2022-07-11T01:04:47","guid":{"rendered":"http:\/\/egrowonline.com\/?p=22489"},"modified":"2022-07-11T01:04:47","modified_gmt":"2022-07-11T01:04:47","slug":"ethereums-failure-to-close-above-1-3k-prompts-analysts-to-predict-more-downside","status":"publish","type":"post","link":"http:\/\/egrowonline.com\/?p=22489","title":{"rendered":"Ethereum\u2019s failure to close above $1.3K prompts analysts to predict more downside"},"content":{"rendered":"


\n<\/p>\n

\n

The Ethereum (ETH<\/a>) network moved one step closer to completing its transition to proof-of-stake<\/a> (PoS) this week after the successful completion of its second-to-last major Merge trial<\/a> on the\u00a0Sepolia public test network.<\/p>\n

Data from Cointelegraph Markets Pro<\/a> and TradingView<\/a> shows that following the Sepolia Merge on July 6, the price of Ether rallied to a high near $1,280 on July 8 but has since trended down to hit a daily low of 1,153 on July 10. <\/p>\n

ETH\/USDT 1-day chart. Source: TradingView<\/em><\/figcaption><\/figure>\n

With the Ethereum network<\/a> nearing the home stretch in its shift to PoS, here is what analysts are saying could happen with its price in the short term. <\/p>\n

Look out for a pullback to $1,020<\/h2>\n

The recent price action for Ether that followed the successful Merge on Sepolia \u201cis giving more clarity than $BTC atm [at the moment]\u201d according to crypto trader and engineer Crypto Feras, who posted<\/a> the following chart outlining the rejection at $1,280. <\/p>\n

ETH\/USDT 2-hour chart. Source: Twitter<\/em><\/figcaption><\/figure>\n

Crypto Feras said, <\/p>\n

\u201cPA is still showing clean rejection of the range-high. Potential bull-flag being formed (not enough yet). If we continue bleeding below flag support, $1,020 is coming.\u201d<\/p><\/blockquote>\n

Double top warning <\/h2>\n

A potentially bearish formation on the chart for Ether was pointed out by analyst and pseudonymous Twitter user Profit Blue, who posted<\/a> the following chart warning that \u201cboth <\/a> BTC and ETH are forming the same double top pattern and bearish PA.\u201d<\/p>\n

ETH\/USD 4-hour chart. Source: Twitter<\/em><\/figcaption><\/figure>\n

Profit Blue said, <\/p>\n

\u201cMore downside is likely, pay attention to the important levels in this chart.\u201d<\/p><\/blockquote>\n

Based on the chart provided, the major levels of lower support are found at $1,170, $1,043 and $941. <\/p>\n

Related: <\/em><\/strong>BTC bull Michael Saylor: Ethereum is ‘obviously’ a security<\/em><\/strong><\/a><\/p>\n

Ascending triangle formation<\/h2>\n

Overall, the price of Ether has been trading in a range between $1,050 and $1,245 for the past couple of weeks as shown in the following tweet posted by Twitter user Nika Deshimaru, which lays out the major support and resistance levels for the top altcoin. <\/p>\n

\n

Weekly S\/R for $ETH<\/a>: ~1050\/1200
Monthly S\/R for #ETH<\/a>: ~1100\/1700 (argument for 1400 as a waypoint also)<\/p>\n

Daily S\/R ~1130\/1245<\/p>\n

Bullish TA lads want to see the triangle meme play out off the back of 1M\/1W support confluence bounce.<\/p>\n

Bears looking at EMA failure, strong resistance. pic.twitter.com\/icEe5Sq0m5<\/a><\/p>\n

\u2014 Nika Deshimaru (@Nikadesh) July 10, 2022<\/a><\/p><\/blockquote>\n

As highlighted by Deshimaru, bulls need to break through the resistance at $1,200 if they want to make a sustained move higher, while bears are looking for the resistance provided by the 21-day Exponential Moving Average (EMA) to hold firm and continue to apply downside pressure. <\/p>\n

The views and opinions expressed here are solely those of the author and do not necessarily reflect the views of Cointelegraph.com. Every investment and trading move involves risk, you should conduct your own research when making a decision.\n<\/p>\n<\/div>\n


\n
Source link <\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

The Ethereum (ETH) network moved one step closer to completing its transition to proof-of-stake (PoS) this week after the successful completion of its second-to-last major Merge trial on the\u00a0Sepolia public test network. Data from Cointelegraph Markets Pro and TradingView shows that following the Sepolia Merge on July 6, the price of Ether rallied to a […]<\/p>\n","protected":false},"author":1,"featured_media":22490,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":"","jetpack_publicize_message":"","jetpack_publicize_feature_enabled":true,"jetpack_social_post_already_shared":true,"jetpack_social_options":{"image_generator_settings":{"template":"highway","enabled":false}}},"categories":[41],"tags":[9666,237,752,2675,1547,3343,343,8803],"class_list":["post-22489","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-ethereum","tag-13k","tag-analysts","tag-close","tag-downside","tag-ethereums","tag-failure","tag-predict","tag-prompts"],"jetpack_publicize_connections":[],"jetpack_sharing_enabled":true,"jetpack_featured_media_url":"http:\/\/egrowonline.com\/wp-content\/uploads\/2022\/07\/1200_aHR0cHM6Ly9zMy5jb2ludGVsZWdyYXBoLmNvbS91cGxvYWRzLzIwMjItMDcvNjY4Y2E3NmMtNDQzYi00NGJhLTljMTEtNDk2NzBlMDEzZGI5LmpwZw.jpg","_links":{"self":[{"href":"http:\/\/egrowonline.com\/index.php?rest_route=\/wp\/v2\/posts\/22489","targetHints":{"allow":["GET"]}}],"collection":[{"href":"http:\/\/egrowonline.com\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"http:\/\/egrowonline.com\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"http:\/\/egrowonline.com\/index.php?rest_route=\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"http:\/\/egrowonline.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=22489"}],"version-history":[{"count":1,"href":"http:\/\/egrowonline.com\/index.php?rest_route=\/wp\/v2\/posts\/22489\/revisions"}],"predecessor-version":[{"id":22491,"href":"http:\/\/egrowonline.com\/index.php?rest_route=\/wp\/v2\/posts\/22489\/revisions\/22491"}],"wp:featuredmedia":[{"embeddable":true,"href":"http:\/\/egrowonline.com\/index.php?rest_route=\/wp\/v2\/media\/22490"}],"wp:attachment":[{"href":"http:\/\/egrowonline.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=22489"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"http:\/\/egrowonline.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=22489"},{"taxonomy":"post_tag","embeddable":true,"href":"http:\/\/egrowonline.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=22489"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}