Decentral Block Post

The Ethereum (ETH) network moved one step closer to completing its transition to proof-of-stake (PoS) this week after the successful completion of its second-to-last major Merge trial on the Sepolia public test network.

Data from Cointelegraph Markets Pro and TradingView shows that following the Sepolia Merge on July 6, the price of Ether rallied to a high near $1,280 on July 8 but has since trended down to hit a daily low of 1,153 on July 10.

With the Ethereum network nearing the home stretch in its shift to PoS, here is what analysts are saying could happen with its price in the short term.

Look out for a pullback to $1,020

The recent price action for Ether that followed the successful Merge on Sepolia “is giving more clarity than $BTC atm [at the moment]” according to crypto trader and engineer Crypto Feras, who posted the following chart outlining the rejection at $1,280.

Crypto Feras said,

The Ethereum (ETH) network moved one step closer to completing its transition to proof-of-stake (PoS) this week after the successful completion of its second-to-last major Merge trial on the Sepolia public test network.

Data from Cointelegraph Markets Pro and TradingView shows that following the Sepolia Merge on July 6, the price of Ether rallied to a high near $1,280 on July 8 but has since trended down to hit a daily low of 1,153 on July 10.

With the Ethereum network nearing the home stretch in its shift to PoS, here is what analysts are saying could happen with its price in the short term.

Look out for a pullback to $1,020

The recent price action for Ether that followed the successful Merge on Sepolia “is giving more clarity than $BTC atm [at the moment]” according to crypto trader and engineer Crypto Feras, who posted the following chart outlining the rejection at $1,280.

Crypto Feras said,

Bitcoin (BTC) has given up ground over the weekend as investors remain cautious about the United States consumer inflation data to be released on July 13. Analysts anticipate June’s consumer price index to be higher than May’s 8.6% level.

Due to the macro uncertainty, investors are not confident that Bitcoin’s correction is over. However, Fidelity Investments’ director of global macro Jurrien Timmer said that Bitcoin is back at the 2013 bull market levels “if the price per millions of non-zero addresses“ is considered for valuing it. That implies that “Bitcoin is cheap.”

The readings on the Reserve Risk indicator, which shows long-term holder sentiment, plunged to a new all-time low in July. Commentator Murad said this meant that “we are in the high timeframe bottoming zone” or the indicator may be broken.

Could Bitcoin turn around and start a new rally or will it continue lower? Are altcoins showing signs of bottoming out? Let’s study the charts of the top-5 cryptocurrencies to find out?

BTC/USDT

Bitcoin broke above the symmetrical triangle pattern on July 7 but the bulls could not sustain the momentum at higher levels. This suggests that the bears have not surrendered and are attempting to defend the overhead resistance at $23,363.

Bitcoin (BTC) has given up ground over the weekend as investors remain cautious about the United States consumer inflation data to be released on July 13. Analysts anticipate June’s consumer price index to be higher than May’s 8.6% level.

Due to the macro uncertainty, investors are not confident that Bitcoin’s correction is over. However, Fidelity Investments’ director of global macro Jurrien Timmer said that Bitcoin is back at the 2013 bull market levels “if the price per millions of non-zero addresses“ is considered for valuing it. That implies that “Bitcoin is cheap.”

The readings on the Reserve Risk indicator, which shows long-term holder sentiment, plunged to a new all-time low in July. Commentator Murad said this meant that “we are in the high timeframe bottoming zone” or the indicator may be broken.

Could Bitcoin turn around and start a new rally or will it continue lower? Are altcoins showing signs of bottoming out? Let’s study the charts of the top-5 cryptocurrencies to find out?

BTC/USDT

Bitcoin broke above the symmetrical triangle pattern on July 7 but the bulls could not sustain the momentum at higher levels. This suggests that the bears have not surrendered and are attempting to defend the overhead resistance at $23,363.

Bitcoin (BTC) hit three-day lows into the July 10 weekly close as $21,000 gave way as short-term support.

Trader eyes bullish divergences across markets

Data from Cointelegraph Markets Pro and TradingView showed BTC/USD giving up some of its gains from earlier in the week while still looking to cap its best weekly gains since March.

The pair circled $20,850 at the time of writing, around $1,600 below the week’s peak at the 200-week moving average.

Despite no continuation of the breakout, Bitcoin gave some commentators cause for cautious optimism ahead of the new week beginning.

“The markets are showing higher timeframe bullish divergences and the sentiment is the same as on a funeral,” Cointelegraph contributor Michaël van de Poppe summarized.