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

ETH price took a brief break following the successful merger on the Sepolia testnet, but analysts say the failure of the altcoin to return $1300 to support additional indices downside.

Altcoin Watch

The Ethereum (ETH) network took another step closer to completing its transition to proof-of-stake (PoS) this week following the successful completion of its penultimate major merger test on the public test network Sepolia.< /p>

Data from Cointelegraph Markets Pro and TradingView shows that after the Sepolia merger on July 6, the price of Ether peaked near $1,280 on July 8, but has since declined to a low daily low of 1,153 on July 10.< /p>

ETH/USDT 1-day chart. Source: TradingView

With the Ethereum network nearing the home stretch in its move to PoS, here's what analysts say could happen with its price in the near term.

Watch out for a pullback to $1,020

Recent Ether price action following the successful merger on Sepolia “gives more clarity than $BTC atm [for now]” according to crypto trader and Crypto engineer Feras, who