Ethereum's Inability to Break Above $1,300 Disappoints Analysts
The Ethereum network is one step closer to completing the transition to proof of stake (PoS) this week after successfully completing its second and last major merger trial on the Sepolia public test network.
Data from Cointelegraph Markets Pro and TradingView show that after the Sepolia merger on July 6, the ether price rose to a maximum of about $1,280 on July 8, but has since tended to decline to a daily low of 1,153 on July 10.
As the Ethereum network approaches PoS, here's what analysts say could happen to its price in the short term.
The recent ether price action that followed the successful merger on Sepolia "provides more clarity than BTC atm (at the moment)," according to crypto trader and engineer Crypto Feras, who published the following chart outlining the deviation at $1,280.
The analyst said:
"PA is still showing a net rejection of the high range. A potential bull flag is being formed (not enough yet). If we continue the action below the flag support, $1,020 will come."
A potentially bearish formation on the chart for Ether was noted by an analyst and the pseudonym Twitter Profit Blue, who published the following warning that "both BTC and ETH form the same double upper pattern and bearish PA."
Profit Blue said:
"There are probably more disadvantages, pay attention to the important levels in this chart."
Based on the chart presented, the main levels of lower support are 1170, 1043 and 941 US dollars.
Thus, bulls need to break through the resistance at $1,200 if they want to take a steady step higher, while bears are looking for resistance provided by the 21-day exponential moving average (EMA) to hold firm and continue to put pressure on the fall.
https://coin-signal.com/ethereum/ethereums-inability-to-break-above-1300-disappoints-analysts/
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