After the successful completion of its second-to-last major Merge trial on the Sepolia public test network this week, the Ethereum (ETH) network moved one step closer to completing its transition to proof-of-stake (PoS). PoS is the protocol that will be used to validate transactions on the Ethereum network going forward.
After the Sepolia Merge took place on July 6, the price of Ether shot up to a peak of over $1,280 on July 8, but it has since been on a downward trend, reaching a daily low of 1,153 on July 10. This information comes from Cointelegraph Markets Pro and TradingView.
The price of Ethereum may experience the following in the short term, according to the predictions of many market experts, as the Ethereum network draws closer to completing its transition to PoS.
According to crypto trader and engineer Crypto Feras, who posted the following chart outlining the rejection at $1,280, the recent price action for Ether that followed the successful Merge on Sepolia “is giving more clarity than $BTC atm [at the moment].” This occurred after the successful completion of the Merge on Sepolia.
An analyst who goes by the nickname Profit Blue on Twitter identified a pattern on the chart for Ether that may indicate a gloomy future for the cryptocurrency and uploaded the following graphic with the warning that “both BTC and ETH are creating the same double top pattern and bearish PA.”
According to the chart that has been supplied, the most significant levels of support can be located at $1,170, $1,043, and $941.
According to the following tweet that was posted on Twitter by user Nika Deshimaru, which lays out the major support and resistance levels for the leading altcoin, the price of Ether has been trading in a range between $1,050 and $1,245 for the past couple of weeks. This information can be seen by referring to the tweet.
As Deshimaru pointed out, the bulls need to break through the resistance at $1,200 if they want to make a sustained move higher. On the other hand, the bears are looking for the resistance provided by the 21-day Exponential Moving Average (EMA) to hold firm so that they can continue to apply downward pressure.