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Friday, October 7, 2022

Ethereum’s Failure To Close Above $1.3K

The Ethereum price had seen a short burst when the Sepolia merging went well, but experts warn that the altcoin’s inability to shift 1,300 dollars to support indicates future declines.

With the conclusion of the second-to-last major Merge experiment on the Sepolia test network this week, the Ethereum (ETH) network is closer to finishing off its shift to PoS.

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After the July 6 Sepolia Merge, ETH prices spiked to above 1,280 dollars on July 8th before falling to a low of $ 1,153 on July 10th. This information comes from Cointelegraph Markets Pro and TradingView.

What may happen in the short term with the price of Ethereum is outlined below as the network nears the end of its transition to PoS.

Ethereum: Look For A Dropback To $1,020

Crypto trader and developer Crypto Feras recently uploaded a graphic illustrating the rejection at $1,280 for Ether, citing the price behaviour after the Merge on Sepolia as “providing more clarity than $BTC.”

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Quote from Crypto Feras :

Clean denial of the range-high is still being shown by PA. Possible formation of a bull flag (not enough yet). If we keep losing ground below the flag’s support, we should expect $1,020 soon.

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