On June 8, the Ethereum network successfully underwent the merger to move to proof-of-stake consensus on its Ropsten testnet, but the news had little impact on the price of ETH.
Now that the Ropsten update seems more like a “buy the rumour, sell the news” event, Most analysts have held a short-term bearish outlook for Ether price. Let’s take a look.
Can Ether break out of the head and shoulders pattern?
Twitter Analyst, “Cactus” noted a bearish head and shoulders pattern and questioned whether the price of Ether could follow the sharp drop that normally follows the completion of the pattern.
Cacti said:
“Is this what we’re excited about? It’s hard to be bullish on any time frame until support/resistance is $2,000.”
Support areas to keep an eye on below $1,800 are highlighted on the chart below. published by crypto analyst and pseudonymous Twitter user il Capo of Crypto, who ominously noted that, “Lower highs all the time and that support has been touched plenty of times already.”
the analyst said:
“Clean break of $1,700 and last leg down would be confirmed, with main target = $1,000.”
Descending triangle pattern also forecasts further downside
A separate but equally bearish descending triangle chart pattern was highlighted by Crypto Tony who pondered if it’s “something too obvious” to ignore.
Based on the lower support zone highlighted on the chart provided by Crypto Tony, a break below the current price could see Ether drop back into the $1,450-$1,600 range.
Price momentum turns negative
A more macro view of the overall weakness Ether is showing was offered by crypto trader Cantering Clark, who said “If I didn’t think this time is slightly different, I’d look at this ETH chart and think ‘Big ships turn slowly, and they don’t stop easily.'”
Cantering Clark said:
“By high time frame measures, this could be the start of a real push lower.”
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 do your own research when making a decision.
Keep reading:
- 6/8 Price Analysis: BTC, ETH, BNB, ADA, XRP, SOL, DOGE, DOT, AVAX, SHIB
- Ethereum ‘Double Doji’ Pattern Hints at 50% ETH Price Rally for September
- 3 Reasons Why Ethereum Price Is Still Stuck Below $2,000
- Weak stocks and declining DeFi usage continue to weigh on Ethereum price
- Ether whales are busy buying and selling ETH, making transactions hit their highest point since January
- Bitpanda launches new ETNs for Ethereum, Solana, Cardano and Polkadot
- Digital assets still make a lot of sense, says Codex co-founder
Investments in crypto assets are not regulated. They may not be suitable for retail investors and the full amount invested may be lost. The services or products offered are not aimed at or accessible to investors in Spain.