The Ethereum network is one step closer to the transition to proof-of-stake (PoS) this week. The penultimate major merge test was successfully performed on the Sepolia public test network.
Data from Cointelegraph Markets Pro and TradingView show that after the Sepolia Merge on July 6, the Ether (ETH) price rose to $ 1,280 on July 8. Since then, however, it has declined again and was at a daily low of 1,153 US dollars on July 10.
ETH/USDT 1-day chart. Source: TradingView
The Ethereum network is getting closer and closer to its goal of moving to the PoS. What do analysts predict for the price in the short term?
Possible decline to 1,020 US dollars
The recent price development at Ether after the successful Sepolia Merge “creates [im Moment] more clarity than $BTC,” said crypto trader and developer Crypto Feras. He posted the following chart showing the rejection at $1,280.
ETH/USDT 2-hour chart. Source: Twitter
Crypto Feras commented on the chart:
“PA still has a clear rejection of the range high. A bull flag may be forming (not yet sufficient). If we continue to fall below those under the support of the flag, we will end up at $ 1,020.”
The warning about Double Top
The analyst and Twitter user Profit Blue pointed out a potentially bearish formation on the Ether chart and posted the following chart. On this it can be seen that “both BTC and ETH have the same double-top pattern and bearish PA”.
ETH/USD 4-hour chart. Source: Twitter
Profit Blue said this:
“Further declines are likely, pay attention to the important levels on this chart.”
According to the chart, the main support levels are at $ 1,170, $ 1,043 and $ 941.
In this context: Ethereum is “obviously” a security – Michael Saylor criticizes Altcoins
Increasing triangle formation
Overall, the Ether price has been moving in a range between $1,050 and $1,245 in recent weeks, as pointed out by Twitter user Nika Deshimaru. He posted a chart showing the main support and resistance levels for the top altcoin.
Weekly S/R for $ETH: ~1050/1200
Monthly S/R for #ETH: ~1100/1700 (argument for 1400 as a waypoint also)Daily S/R ~1130/1245
Bullish TA lads want to see the triangle meme play out off the back of 1M/1W support confluence bounce.
Bears looking at EMA failure, strong resistance. pic.twitter.com/icEe5Sq0m5
– Nika Deshimaru (@Nikadesh) July 10, 2022
As Deshimaru points out, the bulls need to break through the resistance at $1,200 if they want to achieve a sustainable increase. The bears will maintain resistance at the 21-day EMA and continue to exert downward pressure.
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