ETH briefly broke through after the successful Sepolia test site merger, but analysts said the shanzhai currency failed to break above $1,300 to support further downside hints.
Ethereum (ETH) traded at ¥7,737.79CNY ($1,153.22) as of press time, and its 24-hour trading volume was ¥75,227,208,463 CNY. Ethereum fell 3.19 in the last 24 hours. Its market value is ¥940,115,624,184 CNY.
The Ethereum (ETH) network took a step closer to completing its transition to proof of Ownership (PoS) this week after successfully completing the penultimate major merger trial on the Sepolia public test network.
The price of Ether rose to a high near $1,280 on July 8, following the July 6 Sepolia merger, according to Cointelegraph Markets Pro and TradingView, But it has since fallen to a daily low of 1,153 on July 10.
As the ethereum network's transition to PoS nears its end, that's what analysts say could happen in the near term.
Watch for a pullback to $1,020
According to Crypto trader and engineer Crypto Feras, the recent price action for Ether is "clearer than $BTC ATM [for now]," following the successful Sepolia merger, and he has published charts outlining how reaching $1,280 will be difficult to achieve.
Crypto Ferras said, "PA still shows a clear view that the high end of the range is impossible to achieve. Potential bull flags are forming (but not enough). If we continue to break flag support, $1,020 is on the horizon."
Double top warning
Analyst and pseudonym Twitter user Profit Blue pointed to the potential bearish pattern for ETH on charts, warning that "BTC and ETH are forming the same double top pattern and bearish PA."
"There could be more downside, please note the important levels in this chart."
The main levels of lower support are at $1,170, $1,043 and $941, according to the charts provided.
The formation of an ascending triangle
Overall, the price of Ether has been trading between $1,050 and $1,245 over the past few weeks, as shown by the following tweet from Twitter user Nika Deshimaru, which lays out the main support and resistance levels for the top copycat coins.
As Deshimaru emphasizes, bulls need to break through resistance at $1,200 if they want to make a sustained move higher, while bears are looking for resistance provided by the 21-day EMA to stay firm and continue applying downward pressure.