Ethereum testnet Ropsten successfully integrated the merger to become Proof of Stake, but that didn’t stop traders from adjusting their price targets lower.

On June 8, the Ethereum network successfully completed the merger to become a proof of stake in its Ropsten testnet, but the news had little impact on ETH’s price.

With the Ropsten update now more of a buy-the-rumor-sell-the-news event, most analysts remain bearish on Ether price in the near-term. Let’s take a look.

ETH/USDT 1-day chart. Source: Trade View
Can Ether Escape the Head and Shoulders Pattern?
A Twitter analyst going by the alias “Cactus” pointed out a bearish head and shoulders pattern and wondered if Ether’s price would be able to follow the sharp decline that usually follows the pattern’s completion.

Weekly ETH/USD chart. Source: Twitter
cactus said

“Does it matter to us? It’s hard to be bullish on any time frame until we flip the S/R [support/resistance] by 2K.”
Areas of support to watch below $1,800 were highlighted in the chart below, posted by a crypto analyst and Twitter user under the alias “il Capo of Crypto,” who ominously noted, “Highs keep falling and these Support has been met by many times many times”.

ETH/USD on a 1-day chart. Source: Twitter
The analyst said

“Net breakout of $1,700 and last level down to be confirmed and main target = $1,000.”
The descending triangle pattern also predicts a further decline.
A separate but equally bearish descending triangle pattern was highlighted by an analyst going by the alias “Crypto Tony,” who wondered if it was “too obvious” to ignore.

ETH/USD on a 1-day chart. Source: Twitter
Based on the lower support area highlighted in the chart provided by Crypto Tony, a break below the current price could result in Ether falling back towards the $1450-$1600 range.

Related: Ethereum ‘double doji’ pattern suggests a 50% ETH price rally through September

The price dynamics are turning negative
A more detailed view of Ethereum’s overall weakness was offered by a cryptocurrency trader going by the alias Cantering Clark, who said: “If I didn’t think things were a bit different this time, I would look at this $ETH chart and think. “Large ships turn slowly and are not easy to stop.”

Weekly ETH/USD chart. Source: Twitter
Cantering Clark said:

“In a high time frame, this could be the start of an actual decline.”

Source: CoinTelegraph

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