On June 8, the Ethereum network successfully passed the merger to become proof of stake on its Ropsten testnet, but the news had little effect on the price of ETH.

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

ETH/USDT 1-day chart. Source: Trading View

Can Ether Escape the Head and Shoulders Pattern?

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Twitter analyst “Cactus” pointed to a bearish head and shoulders pattern and wondered if the price of Ether would be able to follow the sharp drop that usually follows the pattern’s completion.

Weekly ETH/USD chart. Source: Twitter
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cactus said,

“Is that what we care about? It’s hard to be optimistic on any time frame until we set support/resistance levels. [support/resistance] flip 2K”.

Support areas to watch below $1,800 have been highlighted in the following chart. published A crypto analyst and Twitter user under the pseudonym il Capo of Crypto, who ominously remarked that “the highs are dropping all the time and this support has already been touched on many times.”

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

Analyst said,

“Net breakout of $1,700 and last leg 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 Crypto Tony, who thought if it’s “something 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 see Ether pull back towards the $1450 to $1600 range.

Ethereum ‘Double Doji’ Pattern Hints At 50% ETH Price Growth By September

Price momentum turns negative

Cryptocurrency trader Cantering Clark offered a broader view of Ethereum’s overall weakness. said “If I didn’t think things were a little different this time around, I would look at this $ETH chart and think, ‘Big ships turn slowly and are not easy to stop.

Weekly ETH/USD chart. Source: Twitter

Cantering Clark said:

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

The views and opinions expressed here are solely those of the author and do not necessarily reflect those of Cryptooshala.com. Every investment and trading step involves risk, you should do your own research when making a decision.