Ethereum’s failure to close above $1.3K prompts analysts to predict more downside

Ethereum’s failure to close above $1.3K prompts analysts to predict more downside

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.

ETH/USDT 1-day chart. Source: TradingView

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