• BTC Dominance: %
XBT.Market
Advertisement
  • Home
  • Coins MarketCap
  • Crypto Exchanges
  • Crypto Calculator
  • Top Gainers and Loser
  • News
  • Contact Us
No Result
View All Result
XBT.Market
No Result
View All Result
Home Bitcoin

Ethereum’s failure to close above $1.3K prompts analysts to predict more downside

Jon Hartney by Jon Hartney
July 10, 2022
in Bitcoin, Blockchain, Business, Market
0
189
SHARES
1.5k
VIEWS
Share on FacebookShare on Twitter

ETH price saw a brief breakout following the successful merge on the Sepolia testnet, but analysts say the altcoin’s failure to flip $1,300 to support hints at further downside.

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 Sepolia 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 high near $1,280 on July 8 but has since trended down to hit a daily low of 1,153 on July 10.

Related articles

Bitcoin derivatives data shows room for BTC price to move higher this week

January 23, 2023

Bitcoin price consolidation opens the door for APE, MANA, AAVE and FIL to move higher

January 22, 2023
ETH/USDT 1-day chart. Source: TradingView

With the Ethereum network nearing the home stretch in its shift to PoS, here is what analysts are saying could happen with its price in the short term.

Look out for a pullback to $1,020

The recent price action for Ether that followed the successful Merge on Sepolia “is giving more clarity than $BTC atm [at the moment]” according to crypto trader and engineer Crypto Feras, who posted the following chart outlining the rejection at $1,280.

ETH/USDT 2-hour chart. Source: Twitter

Crypto Feras said,

“PA 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.”

Double top warning

A potentially bearish formation on the chart for Ether was pointed out by analyst and pseudonymous Twitter user Profit Blue, who posted the following chart warning that “both BTC and ETH are forming the same double top pattern and bearish PA.”

ETH/USD 4-hour chart. Source: Twitter

Profit Blue said,

“More downside is likely, pay attention to the important levels in this chart.”

Based on the chart provided, the major levels of lower support are found at $1,170, $1,043 and $941.

Related: BTC bull Michael Saylor: Ethereum is ‘obviously’ a security

Ascending triangle formation

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.

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 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.

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.

Read Entire Article
Tags: CointelegraphCryptocurrencyInvestmentMining Bitcoin
Share76Tweet47

Related Posts

Bitcoin derivatives data shows room for BTC price to move higher this week

by Jon Hartney
January 23, 2023
0

BTC options data suggest that the Bitcoin price rally still has legs, even with wider economic concerns growing and the

Bitcoin price consolidation opens the door for APE, MANA, AAVE and FIL to move higher

by Jon Hartney
January 22, 2023
0

BTC could take a break from its sharp rally and if BTC price bounces off underlying support, APE, MANA, AAVE...

Genesis bankruptcy case scheduled for first hearing

by Jon Hartney
January 22, 2023
0

The first hearing in Genesis Capital's bankruptcy case will be held on January 23, according to court filings

Terra lending protocol Mars to launch mainnet

by Jon Hartney
January 22, 2023
0

The Mars Hub will launch an independent Cosmos application chain and issue MARS to users who hold the token during...

Central African Republic eyes legal framework for crypto adoption

by Jon Hartney
January 22, 2023
0

A 15-member committee is tasked with working on a legal framework that will allow cryptocurrencies to operate in

Load More
  • Trending
  • Comments
  • Latest

Ethereum Classic gets ‘endorsement’ from Vitalik Buterin, but ETC price still risks 50% crash

July 27, 2022

Critique on Helium’s $6.5K monthly revenue causes a stir

July 28, 2022

All aboard! Elon Musk’s Vegas Loop now taking Dogecoin payments

July 7, 2022

Cardano Vasil hard fork hit with another delay for several weeks

July 29, 2022

All aboard! Elon Musk’s Vegas Loop now taking Dogecoin payments

0

Crypto owners banned from working on US Government crypto policies

0

Korean startup Uprise lost $20M shorting LUNC

0

Ethereum testnet Merge mostly successful — ‘Hiccups will not delay the Merge.’

0

Bitcoin derivatives data shows room for BTC price to move higher this week

January 23, 2023

Bitcoin price consolidation opens the door for APE, MANA, AAVE and FIL to move higher

January 22, 2023

Genesis bankruptcy case scheduled for first hearing

January 22, 2023

Terra lending protocol Mars to launch mainnet

January 22, 2023

XBT.Market

This website is an automated news feed powered by the Nebulome cloud system. The site is made possible by YYC TECH Consulting and Alberta Digital Mining Company. As a team with major crypto and bitcoin enthusiasm, we have curated major sources of news, trading and financial data to bring you, our viewer, an unbiased source of truth.

Recent Posts

  • Bitcoin derivatives data shows room for BTC price to move higher this week January 23, 2023
  • Bitcoin price consolidation opens the door for APE, MANA, AAVE and FIL to move higher January 22, 2023
  • Genesis bankruptcy case scheduled for first hearing January 22, 2023
  • Terra lending protocol Mars to launch mainnet January 22, 2023
  • Central African Republic eyes legal framework for crypto adoption January 22, 2023

News Categories

  • Bitcoin
  • Blockchain
  • Business
  • Market

Tags

bitcoinMagzine Cointelegraph Cryptocurrency insidebitcoins Investment Mining Bitcoin NewsBTC

Quicklinks

  • Home
  • Coins MarketCap
  • Crypto Exchanges
  • Crypto Calculator
  • Top Gainers and Loser
  • News
  • Contact Us

© 2022 Xbt.Market - Powered by YYC Tech Consulting & ADMCO.

No Result
View All Result
  • Home
  • Coins MarketCap
  • Crypto Exchanges
  • Crypto Calculator
  • Top Gainers and Loser
  • News
  • Contact Us

© 2022 Xbt.Market by Nebulome.

  • bitcoinBitcoin(BTC)$22,915.00-1.67%
  • ethereumEthereum(ETH)$1,647.55-2.00%
  • USDEXUSDEX(USDEX)$1.07-0.53%
  • tetherTether(USDT)$1.00-0.05%
  • binancecoinBNB(BNB)$326.61-1.74%
  • usd-coinUSD Coin(USDC)$1.00-0.10%
  • rippleXRP(XRP)$0.397066-1.19%
  • Binance USDBinance USD(BUSD)$1.00-0.11%
  • cardanoCardano(ADA)$0.391555-1.96%
  • dogecoinDogecoin(DOGE)$0.090079-3.04%
  • matic-networkPolygon(MATIC)$1.280.70%
  • OKBOKB(OKB)$44.86-2.13%
  • SolanaSolana(SOL)$23.02-4.02%
  • Lido Staked EtherLido Staked Ether(STETH)$1,643.54-2.13%
  • polkadotPolkadot(DOT)$6.76-3.07%
  • Shiba InuShiba Inu(SHIB)$0.000014-6.00%
  • litecoinLitecoin(LTC)$98.48-2.61%
  • AvalancheAvalanche(AVAX)$20.02-3.85%
  • tronTRON(TRX)$0.0668111.00%
  • UniswapUniswap(UNI)$6.78-3.25%
  • daiDai(DAI)$1.000.00%
  • cosmosCosmos Hub(ATOM)$15.11-0.08%
  • wrapped-bitcoinWrapped Bitcoin(WBTC)$22,903.00-1.52%
  • chainlinkChainlink(LINK)$7.20-0.41%
  • ToncoinToncoin(TON)$2.29-3.34%
  • ethereum-classicEthereum Classic(ETC)$22.59-2.42%
  • leo-tokenLEO Token(LEO)$3.36-0.40%
  • moneroMonero(XMR)$167.04-0.53%
  • bitcoin-cashBitcoin Cash(BCH)$131.30-3.18%
  • Aerarium FiAerarium Fi(AERA)$7.14-13.09%
  • stellarStellar(XLM)$0.090739-1.62%
  • Lido DAOLido DAO(LDO)$2.847.97%
  • AptosAptos(APT)$14.71-9.12%
  • NEAR ProtocolNEAR Protocol(NEAR)$2.604.60%
  • CronosCronos(CRO)$0.083379-0.85%
  • ApeCoinApeCoin(APE)$5.71-5.39%
  • filecoinFilecoin(FIL)$5.40-3.26%
  • algorandAlgorand(ALGO)$0.2831850.16%
  • QuantQuant(QNT)$139.14-1.89%
  • HederaHedera(HBAR)$0.0742850.04%
  • vechainVeChain(VET)$0.025670-3.77%
  • Internet ComputerInternet Computer(ICP)$5.68-3.60%
  • The GraphThe Graph(GRT)$0.179907-10.82%
  • The SandboxThe Sandbox(SAND)$0.84-7.07%
  • FantomFantom(FTM)$0.52-12.26%
  • decentralandDecentraland(MANA)$0.75-5.58%
  • Axie InfinityAxie Infinity(AXS)$11.931.06%
  • AaveAave(AAVE)$86.37-2.67%
  • eosEOS(EOS)$1.08-3.36%
  • FlowFlow(FLOW)$1.12-7.27%
  • MultiversXMultiversX(EGLD)$46.04-4.44%
  • theta-tokenTheta Network(THETA)$1.14-5.28%
  • tezosTezos(XTZ)$1.22-1.56%
  • Terra Luna ClassicTerra Luna Classic(LUNC)$0.000180-2.89%
  • FraxFrax(FRAX)$1.00-0.41%
  • Frax ShareFrax Share(FXS)$13.768.38%
  • true-usdTrueUSD(TUSD)$1.00-0.02%
  • paxos-standardPax Dollar(USDP)$0.99-0.91%
  • Rocket PoolRocket Pool(RPL)$47.2311.08%
  • huobi-tokenHuobi(HT)$5.33-6.32%
  • Curve DAOCurve DAO(CRV)$1.141.80%
  • kucoin-sharesKuCoin(KCS)$8.64-1.52%
  • havvenSynthetix Network(SNX)$2.66-10.48%
  • ChilizChiliz(CHZ)$0.154678-6.37%
  • bitcoin-cash-svBitcoin SV(BSV)$42.67-2.03%
  • ImmutableXImmutableX(IMX)$1.02-11.59%
  • PancakeSwapPancakeSwap(CAKE)$4.631.17%
  • eCasheCash(XEC)$0.000037-2.30%
  • USDDUSDD(USDD)$0.99-0.27%
  • BitTorrentBitTorrent(BTT)$0.000001-0.93%
  • dashDash(DASH)$63.74-3.99%
  • makerMaker(MKR)$775.21-4.27%
  • Mina ProtocolMina Protocol(MINA)$0.83-5.50%
  • BitDAOBitDAO(BIT)$0.59-1.80%
  • iotaIOTA(MIOTA)$0.245728-3.14%
  • KlaytnKlaytn(KLAY)$0.209282-3.41%
  • GateGate(GT)$4.42-0.79%
  • Trust WalletTrust Wallet(TWT)$1.54-4.26%
  • neoNEO(NEO)$9.12-1.16%
  • OptimismOptimism(OP)$2.77-11.35%
  • ArweaveArweave(AR)$11.86-9.15%
  • OKCOKC(OKT)$33.272.53%
  • OsmosisOsmosis(OSMO)$1.100.02%
  • zcashZcash(ZEC)$45.05-4.20%
  • singularitynetSingularityNET(AGIX)$0.479649-25.44%
  • cUSDCcUSDC(CUSDC)$0.0227490.01%
  • gemini-dollarGemini Dollar(GUSD)$1.00-0.05%
  • THORChainTHORChain(RUNE)$1.88-4.39%
  • GMXGMX(GMX)$66.30-6.96%
  • cDAIcDAI(CDAI)$0.022155-0.03%
  • Tokenize XchangeTokenize Xchange(TKX)$6.79-0.60%
  • Baby Doge CoinBaby Doge Coin(BABYDOGE)$0.0000000.53%
  • RenderRender(RNDR)$1.73-18.13%
  • RadixRadix(XRD)$0.050235-0.31%
  • PAX GoldPAX Gold(PAXG)$1,865.660.18%
  • Fetch.aiFetch.ai(FET)$0.481182-17.21%
  • enjincoinEnjin Coin(ENJ)$0.499760-4.71%
  • zilliqaZilliqa(ZIL)$0.030332-2.45%
  • Convex FinanceConvex Finance(CVX)$6.33-5.21%
  • cETHcETH(CETH)$33.20-1.81%