On June 21, the Ethereum network effectively underwent the merge to get proof-of-stake on its Ropsten testnet, however the news had little impact on ETH price.
Using the Ropsten upgrade now searching a lot more like a “buy the rumor, sell the news” kind of event, most analysts have stored a brief-term bearish outlook for Ether cost. Let us have a look.
Can Ether escape the mind-and-shoulders pattern?
Pseudonymous Twitter analyst “Cactus” stated a bearish mind-and-shoulders pattern and asked whether Ether cost could stick to the sharp downside that typically follows the conclusion from the pattern.
Cactus stated,
“This is exactly what we’re looking towards? Difficult to be bullish any time-frame until we S/R [support/resistance] switch 2K.”
Areas of support to keep close track of below $1,800 were highlighted within the following chart published by crypto analyst and pseudonymous Twitter user “il Capo of Crypto,” who ominously noted, “Lower highs constantly which support continues to be touched lots of occasions already.”
The analyst stated,
“Clean break of $1,700 and last leg lower could be confirmed, with primary target = $1,000.”
The climbing down triangular pattern also forecasts further downside
Another, but equally bearish climbing down triangular chart pattern was highlighted by pseudonymous analyst “Crypto Tony,” who considered if this sounds like “something too obvious” to disregard.
In line with the lower section of support highlighted around the chart supplied by Crypto Tony, a failure underneath the current cost often see Ether pullback towards the $1,450-to-$1,600 range.
Related: Ethereum ‘double Doji’ pattern shows a 50% ETH cost rally by September
Cost momentum turns negative
A far more macro look at the overall weakness being displayed by Ether was provided by pseudonymous cryptocurrency trader “Cantering Clark,” who stated, “If I did not believe that this time around was slightly different, I’d see this $ETH chart and think ‘Big ships turn gradually, plus they don’t stop easily.’”
Cantering Clark stated,
“By high time-frame measures, this may be the start of actual momentum lower.”
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