Traders target $1,400 Ethereum price after ETH drops closer to a critical support level

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

With the Ropsten upgrade now looking like a rumoured, sell news type event, most analysts have a short-term bearish outlook for the price of Ether. let’s take a look.

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ETH/USDT 1-Day Chart. Source: TradingView

Can Ether escape the head and shoulders pattern?

Twitter analyst “Cactus” pointed to a bearish head and shoulders pattern and questioned whether Ether price would be able to follow the sharp decline that usually occurs after the pattern is completed.

ETH/USD 1-Week chart. Source: Twitter

Cactus said,

“That’s what we’re excited about? Until we S/R [support/resistance] Flip 2K. ,

Areas of support to watch below $1,800 were highlighted in the following chart deployment of By crypto analyst and crypto pseudonymous Twitter user Il Capo, who ominously noted that “an all-time low high and that support has already been touched several times.”

ETH/USD 1-Day Chart. Source: Twitter

analyst Told,

“Clean break of $1,700 and last leg down will be confirmed, with main target = $1,000.”

Descending triangle pattern also predicts further downside

A different, but equally bearish descending triangle chart pattern was highlighted by CryptoTony, which thought If it’s “something too obvious” to ignore.

ETH/USD 1-Day Chart. Source: Twitter

A breakdown below the current price could drag Ether to the $1,450 to $1,600 range, based on the lower area of ​​support highlighted on the chart provided by Crypto Tony.

related: Ethereum ‘Double Doji’ Pattern Indicates 50% ETH Price Rally by September

Price momentum turns negative

A more macro view of the general weakness being displayed by Ether was offered by cryptocurrency trader Cantering Clark, who Told “If I didn’t think this timing was a little different, I would look at this $ETH chart and think ‘Big ships turn slowly, and they don’t stop easily.’”

ETH/USD 1-Week chart. Source: Twitter

Cantering Clark said,

“With higher time frame measures, this could be the beginning of real momentum.”

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