Ethereum witnessed a grief breakout following a successful merge of the Sepolia Testnet but the experts believe the failure of the ETH price points toward a strong descending trend ahead. However, the second-largest crypto is believed to be the most preferred asset of all time, but with no price action, traders think about whether to hold the asset or swap it with something else.
The ETH price is trading sideways within extended range-bound levels for the past long time. Therefore, displaying a possibility of a ‘make it or break-it from the current decisive levels. A jump from here may assist the price to rise by 8% to 10% while a drop from these levels could eventually pull back the price by almost double the gain expectation.
The ETH price was trending within an ascending triangle and testing the lower support. While the asset was expected to rebound from the lower support, a strong bearish action dragged the price below the triangle compelling the asset to break down from the triangle. In such a case, the lower and the last point of defence above $1000 may hold the price to ignite a rebound. Failing to this the ETH price could hit the levels around $600 or even $500.
On the other hand, the Ethereum price is again trading at the lower support within the newly formed ascending triangle. Therefore a rebound is much expected that may prevent the price from sliding down towards the lower support. In such a case, the ETH price could rebound firmly and maintain an ascending consolidation within the triangle, eventually hitting $1500 before the end of July or by mid-August.
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Source: https://coinpedia.org/price-analysis/despite-a-successful-merge-of-sepolia-testnet-the-ethereumeth-price-remained-capped-below-1300/