{"id":472661,"date":"2022-07-11T00:15:00","date_gmt":"2022-07-10T21:15:00","guid":{"rendered":"https:\/\/en.buradabiliyorum.com\/ethereums-failure-to-close-above-1-3k-prompts-analysts-to-predict-more-downside\/"},"modified":"2022-07-11T00:15:00","modified_gmt":"2022-07-10T21:15:00","slug":"ethereums-failure-to-close-above-1-3k-prompts-analysts-to-predict-more-downside","status":"publish","type":"post","link":"https:\/\/buradabiliyorum.com\/en\/ethereums-failure-to-close-above-1-3k-prompts-analysts-to-predict-more-downside\/","title":{"rendered":"# Ethereum\u2019s failure to close above $1.3K prompts analysts to predict more downside"},"content":{"rendered":"<div id=\"ez-toc-container\" class=\"ez-toc-v2_0_85 counter-hierarchy ez-toc-counter ez-toc-custom ez-toc-container-direction\">\n<p class=\"ez-toc-title\" style=\"cursor:inherit\">Table of Contents<\/p>\n<label for=\"ez-toc-cssicon-toggle-item-6a3735495895e\" class=\"ez-toc-cssicon-toggle-label\"><span class=\"\"><span class=\"eztoc-hide\" style=\"display:none;\">Toggle<\/span><span class=\"ez-toc-icon-toggle-span\"><svg style=\"fill: #dd3333;color:#dd3333\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" class=\"list-377408\" width=\"20px\" height=\"20px\" viewBox=\"0 0 24 24\" fill=\"none\"><path d=\"M6 6H4v2h2V6zm14 0H8v2h12V6zM4 11h2v2H4v-2zm16 0H8v2h12v-2zM4 16h2v2H4v-2zm16 0H8v2h12v-2z\" fill=\"currentColor\"><\/path><\/svg><svg style=\"fill: #dd3333;color:#dd3333\" class=\"arrow-unsorted-368013\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" width=\"10px\" height=\"10px\" viewBox=\"0 0 24 24\" version=\"1.2\" baseProfile=\"tiny\"><path d=\"M18.2 9.3l-6.2-6.3-6.2 6.3c-.2.2-.3.4-.3.7s.1.5.3.7c.2.2.4.3.7.3h11c.3 0 .5-.1.7-.3.2-.2.3-.5.3-.7s-.1-.5-.3-.7zM5.8 14.7l6.2 6.3 6.2-6.3c.2-.2.3-.5.3-.7s-.1-.5-.3-.7c-.2-.2-.4-.3-.7-.3h-11c-.3 0-.5.1-.7.3-.2.2-.3.5-.3.7s.1.5.3.7z\"\/><\/svg><\/span><\/span><\/label><input type=\"checkbox\"  id=\"ez-toc-cssicon-toggle-item-6a3735495895e\" checked aria-label=\"Toggle\" \/><nav><ul class='ez-toc-list ez-toc-list-level-1 ' ><li class='ez-toc-page-1 ez-toc-heading-level-1'><a class=\"ez-toc-link ez-toc-heading-1\" href=\"https:\/\/buradabiliyorum.com\/en\/ethereums-failure-to-close-above-1-3k-prompts-analysts-to-predict-more-downside\/#%E2%80%9D_Ethereums_failure_to_close_above_13K_prompts_analysts_to_predict_more_downside_%E2%80%9C\" >&#8221; Ethereum\u2019s failure to close above $1.3K prompts analysts to predict more downside &#8220;<\/a><ul class='ez-toc-list-level-2' ><li class='ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-2\" href=\"https:\/\/buradabiliyorum.com\/en\/ethereums-failure-to-close-above-1-3k-prompts-analysts-to-predict-more-downside\/#Look_out_for_a_pullback_to_1020\" >Look out for a pullback to $1,020<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-3\" href=\"https:\/\/buradabiliyorum.com\/en\/ethereums-failure-to-close-above-1-3k-prompts-analysts-to-predict-more-downside\/#Double_top_warning\" >Double top warning<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-4\" href=\"https:\/\/buradabiliyorum.com\/en\/ethereums-failure-to-close-above-1-3k-prompts-analysts-to-predict-more-downside\/#Ascending_triangle_formation\" >Ascending triangle formation<\/a><\/li><\/ul><\/li><\/ul><\/nav><\/div>\n<h1><span class=\"ez-toc-section\" id=\"%E2%80%9D_Ethereums_failure_to_close_above_13K_prompts_analysts_to_predict_more_downside_%E2%80%9C\"><\/span>&#8221; Ethereum\u2019s failure to close above $1.3K prompts analysts to predict more downside &#8220;<span class=\"ez-toc-section-end\"><\/span><\/h1>\n<div class=\"post-content\" data-v-2a0745c6>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.<\/p>\n<p>Data from Cointelegraph Markets Pro and <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/www.tradingview.com\/\">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<figure><img decoding=\"async\" src=\"https:\/\/s3.cointelegraph.com\/uploads\/2022-07\/7212ef8a-78ff-438d-b564-cc4a3bedd5bd.png\"><figcaption style=\"text-align: center;\"><em>ETH\/USDT 1-day chart. Source: TradingView<\/em><\/figcaption><\/figure>\n<p>With the Ethereum network nearing the home stretch in its shift to PoS, here is what analysts are saying could h<a href=\"https:\/\/buradabiliyorum.com\/en\/category\/download-scripts-themes-apps\/\" data-internallinksmanager029f6b8e52c=\"9\" title=\"Download Scripts &amp; Themes &amp; Apps\" target=\"_blank\" rel=\"noopener\">app<\/a>en with its price in the short term. <\/p>\n<h2><span class=\"ez-toc-section\" id=\"Look_out_for_a_pullback_to_1020\"><\/span>Look out for a pullback to $1,020<span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>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 <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/twitter.com\/FeraSY1\/status\/1546083495990239233\">posted<\/a> the following chart outlining the rejection at $1,280. <\/p>\n<figure><img decoding=\"async\" src=\"https:\/\/s3.cointelegraph.com\/uploads\/2022-07\/c529173e-b529-42db-9310-cb35d57b0d04.jpg\"><figcaption style=\"text-align: center;\"><em>ETH\/USDT 2-hour chart. Source: <a href=\"https:\/\/buradabiliyorum.com\/en\/category\/social-mediaa\/\" data-internallinksmanager029f6b8e52c=\"1\" title=\"Social Media\" target=\"_blank\" rel=\"noopener\">Twitter<\/a><\/em><\/figcaption><\/figure>\n<p>Crypto Feras said, <\/p>\n<blockquote><p>\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<h2><span class=\"ez-toc-section\" id=\"Double_top_warning\"><\/span>Double top warning <span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>A potentially bearish formation on the chart for Ether was pointed out by analyst and pseudonymous Twitter user Profit Blue, who <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/twitter.com\/profit8lue\/status\/1545970207629271040\">posted<\/a> the following chart warning that \u201cboth<a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/twitter.com\/hashtag\/btc?src=hashtag_click\"> <\/a> BTC and ETH are forming the same double top pattern and bearish PA.\u201d<\/p>\n<figure><img decoding=\"async\" src=\"https:\/\/s3.cointelegraph.com\/uploads\/2022-07\/6246376a-a112-4096-99b3-c9f66e199003.jpg\"><figcaption style=\"text-align: center;\"><em>ETH\/USD 4-hour chart. Source: Twitter<\/em><\/figcaption><\/figure>\n<p>Profit Blue said, <\/p>\n<blockquote><p>\u201cMore downside is likely, pay attention to the important levels in this chart.\u201d<\/p><\/blockquote>\n<p>Based on the chart provided, the major levels of lower support are found at $1,170, $1,043 and $941. <\/p>\n<p><strong><em>Related: <\/em><\/strong><strong><em>BTC bull Michael Saylor: Ethereum is &#8216;obviously&#8217; a security<\/em><\/strong><\/p>\n<h2><span class=\"ez-toc-section\" id=\"Ascending_triangle_formation\"><\/span>Ascending triangle formation<span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>Overall, the price of Ether has been trading in a range between $1,050 and $1,245 for the past couple of weeks as shown in the following tweet posted by Twitter user Nika Deshimaru, which lays out the major support and resistance levels for the top altcoin. <\/p>\n<blockquote class=\"twitter-tweet\">\n<p lang=\"en\" dir=\"ltr\">Weekly S\/R for <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/twitter.com\/search?q=%24ETH&amp;src=ctag&amp;ref_src=twsrc%5Etfw\">$ETH<\/a>: ~1050\/1200<br \/>Monthly S\/R for <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/twitter.com\/hashtag\/ETH?src=hash&amp;ref_src=twsrc%5Etfw\">#ETH<\/a>: ~1100\/1700 (argument for 1400 as a waypoint also)<\/p>\n<p>Daily S\/R ~1130\/1245<\/p>\n<p>Bullish TA lads want to see the triangle meme play out off the back of 1M\/1W support confluence bounce.<\/p>\n<p>Bears looking at EMA failure, strong resistance. <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/t.co\/icEe5Sq0m5\">pic.twitter.com\/icEe5Sq0m5<\/a><\/p>\n<p>\u2014 Nika Deshimaru  (@Nikadesh) <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/twitter.com\/Nikadesh\/status\/1546052692321386496?ref_src=twsrc%5Etfw\">July 10, 2022<\/a><\/p><\/blockquote>\n<p><script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><\/p>\n<p>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<p class=\"post-content__disclaimer\">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<p><template data-name=\"subscription_form\" data-type=\"markets_outlook\"><\/template><\/p>\n<\/div>\n<blockquote><p><strong><span style=\"color: #ff6600;\">If you liked the article, do not forget to share it with your friends. Follow us on\u00a0<span style=\"color: #ff0000;\"><a style=\"color: #ff0000;\" href=\"https:\/\/news.google.com\/publications\/CAAqBwgKMLG0nwswvr63Aw\" target=\"_blank\" rel=\"nofollow noopener noreferrer\">Google News<\/a><\/span>\u00a0too, click on the star and choose us from your favorites.<\/span><\/strong><\/p><\/blockquote>\n<blockquote>\n<p style=\"text-align: center;\">For forums sites go to <span style=\"color: #ff9900;\"><a style=\"color: #ff9900;\" href=\"https:\/\/forum.buradabiliyorum.com\/\" target=\"_blank\" rel=\"noopener\">Forum.BuradaBiliyorum.Com<\/a><\/span><\/strong>\n<\/p><\/blockquote>\n<blockquote>\n<p style=\"text-align: center;\"><strong>If you want to read more <a href=\"https:\/\/buradabiliyorum.com\/en\/category\/news\/\" data-internallinksmanager029f6b8e52c=\"2\" title=\"News\" target=\"_blank\" rel=\"noopener\">News<\/a> articles, you can visit our <span style=\"color: #ff9900;\"><a style=\"color: #ff9900;\" href=\"https:\/\/en.buradabiliyorum.com\/general\/\" target=\"_blank\" rel=\"noopener\">General category.<\/a><\/span><\/strong><\/p>\n<\/blockquote>\n<p><span style=\"color: black;\"><a style=\"color: #ff9900;\" href=\"https:\/\/cointelegraph.com\/news\/ethereum-s-failure-to-close-above-1-3k-prompts-analysts-to-predict-more-downside\" target=\"_blank\" rel=\"noopener\">Source<\/a><\/span><\/p>\n","protected":false},"excerpt":{"rendered":"<p>&#8221; Ethereum\u2019s failure to close above $1.3K prompts analysts to predict more downside &#8220; 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&#8230;<\/p>\n","protected":false},"author":1,"featured_media":472662,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"fifu_image_url":"https:\/\/images.cointelegraph.com\/images\/1200_aHR0cHM6Ly9zMy5jb2ludGVsZWdyYXBoLmNvbS91cGxvYWRzLzIwMjItMDcvNjY4Y2E3NmMtNDQzYi00NGJhLTljMTEtNDk2NzBlMDEzZGI5LmpwZw==.jpg","fifu_image_alt":"","footnotes":""},"categories":[1],"tags":[74867,74863,82402,74891,74938,74876,73785],"class_list":["post-472661","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-general","tag-altcoin","tag-cryptocurrencies","tag-ether-price","tag-ethereum","tag-ethereum-price","tag-proof-of-stake","tag-markets"],"_links":{"self":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts\/472661","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/comments?post=472661"}],"version-history":[{"count":0,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts\/472661\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/media\/472662"}],"wp:attachment":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/media?parent=472661"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/categories?post=472661"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/tags?post=472661"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}