Ethereum’s failure to close above $1.3K

[Samurai trieng]

It doesn't seem like the bear market is over yet, so don't expect a rally in altcoins, even if it's the ethereum, as long as bitcoin is bearish.
The ethereum testnet succeeds but it won't be able to do anything to reverse the market, which is good news for eth but not enough to get the market out of the bear cycle

you are right mate if the bear market has not ended where all altcoins including BTC are still experiencing a decline, and it is very likely that this chaos will repeat itself like in 2018, considering that until now there has been no sign that the crypto market will rise, therefore we must be able to take Benefit from this decline by buying coins that have strong fundamentals such as BTC, ETH, and BNB.

[DanWalker]

And it only gets worse now,,, I actually thought ETH would not follow Bitcoin down this weekend too, specifically because of the successful testnet merge where everything really seemed to go according to plan.

That certainly I won't believe, always and I think it was forever to see altcoins will follow the trend of Bitcoin and ETH have no excuse from that.
It could be hard for the testnet to go successful this time, as if they want then they have to move it during the bull season as the chance is higher than of these days.

The other scenario is bulls want the bears to win and pull price down below 1000 again -- dip and surge to 1300 is instant 30% gain, and very easy to happen with these levels.

We can't underestimate the market, the bear still has influence and is hard to defeat. Yet, we are still hopeful for the growing success of ETH someday, we just need the market to recover, not this testnet, etc.

A testnet does not have a huge impact on ETH price. I agree that everything still depends on bitcoin, so ETH will not be an exception. As long as bitcoin is down, the altcoins market is still going bad. The recent events of ETH are not so prominent but this is also a new step on the path of eth's POS upgrade. If everything goes according to plan, ETH's successful upgrade to ETH2.0 this year will have a big impact on the market, which will be the driving force for the market to turn around.

[Rigon]

ETH price saw a brief breakout following the successful merge on the Sepolia testnet, but analysts say the altcoin’s failure to flip $1,300 to support hints at further downside.

The Ethereum 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 (ETH) 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

Maybe bulls need to break through the resistance at $1,200 if they want to make a sustained move higher, while the bears are looking for the resistance provided by the 21-day exponential moving average (EMA) to hold firm and continue to apply downside pressure.

(Source: Cointelegraph)

The way the market has been dumped has caused a considerable amount of loss to the people A lot of people bought different coins at high prices and recruited B but they couldn't sell at high prices.However, Ethereum, Bitcoin, and other coins have fallen significantly.However, etherium has decreased a lot. Ethereum is currently hovering between $1,200 and $1,300.The Ethurium market will not grow much until it is blessed.

[Morningstarr]

I think we should wait for the global economy to recover. Only then can we see an improvement in Ethereum or the rest of the crypto market. As bad news and conditions continue to plague the global economy, the good news about any coin will have little effect.

[batang_bitcoin]

The other scenario is bulls want the bears to win and pull price down below 1000 again -- dip and surge to 1300 is instant 30% gain, and very easy to happen with these levels.

Surges can happen for Ethereum, well, there's still the connection and correlation for bitcoin and ethereum. Whether they've got the best update and merging.
If, bitcoin don't move that much, Ethereum can be limited on its move and that's why there's still the tightness of these two and it has to move along with one another.

I am really pessimistic about the future of Ethereum and I think it's over priced for what it is compared to Polygon and CNDL especially. This cherry on top is that people locked up millions of dollars in ETH that may never be unlocked. Consider what happens if the merge fails or post merge the ETH is not unlocked for some reason. Also, ETH 2.0 sharding, when that comes in 2025, only includes sharded data, not true transaction sharding like seen on NEAR or ZIL.

I'm not thinking that the merging will fail because I think they've foreseen the possible outcome on it and that's why there has been a long delay that they need to apply to make sure that it becomes successful. But not ignoring the other projects that have got good chains too just as you've mentioned. Well, it is all on you and if you're for the tech from all of those projects, they'll be prevailed within the next bull run and I think Ethereum is still there no matter what how good you think the other projects are.

[Johnyz]

I think we should wait for the global economy to recover. Only then can we see an improvement in Ethereum or the rest of the crypto market. As bad news and conditions continue to plague the global economy, the good news about any coin will have little effect.

Unfortunately, it looks like Cryptomarket is really connected to the economy of many countries, and this its not a safe haven during crisis which is what happening right now. We should see another series of dump since Bitcoin failed to hold on the resistance level and now we’ve seen another dump, this time maybe we can see the real bottom now and with ETH, we might also see its price to dump as well.

[hashrateproducts]

I think we should wait for the global economy to recover. Only then can we see an improvement in Ethereum or the rest of the crypto market. As bad news and conditions continue to plague the global economy, the good news about any coin will have little effect.

Unfortunately, it looks like Cryptomarket is really connected to the economy of many countries, and this its not a safe haven during crisis which is what happening right now. We should see another series of dump since Bitcoin failed to hold on the resistance level and now we’ve seen another dump, this time maybe we can see the real bottom now and with ETH, we might also see its price to dump as well.

The market will continue to dump, not doubt about that. Ethereum will still make it to $500 only if the dip becomes more serious and Bitcoin breaks it's Supports and resistance. As we all know Ethereum is moving with Bitcoin movement, anytime Bitcoin rises, Ethereum will follow it up, and anytime it dumps, Ethereum will still dump. These two coins mostly work hand in hand in the market as they are likely two pairs. More dips on the way and now is the perfect time to short Ethereum on future trading, I just started opening my positions for both Bitcoin and Ethereum.

[ZEDNetwork]

Ethereum is trash. It's time devs starting building their DApps and issuing their tokens on L2 chains like Candle Chain and Polygon

[Morningstarr]

I think we should wait for the global economy to recover. Only then can we see an improvement in Ethereum or the rest of the crypto market. As bad news and conditions continue to plague the global economy, the good news about any coin will have little effect.

Unfortunately, it looks like Cryptomarket is really connected to the economy of many countries, and this its not a safe haven during crisis which is what happening right now. We should see another series of dump since Bitcoin failed to hold on the resistance level and now we’ve seen another dump, this time maybe we can see the real bottom now and with ETH, we might also see its price to dump as well.

You are right that the crypto market is linked to the different economies of countries or the global economy. We know that the current global situation will decide what happens in the future. Since many countries are raising interest rates, the best thing to invest in right now is dollars and US bonds. So the money from the crypto market is going to the banks, but now I think it's time that all that money will slowly start coming back to the crypto market. As Turkey, Russia, Ukraine, and the United Nations negotiate the supply of grain to world markets and oil prices have been falling for some time hopefully, the market has begun to recover.

The market will continue to dump, not doubt about that. Ethereum will still make it to $500 only if the dip becomes more serious and Bitcoin breaks it's Supports and resistance. As we all know Ethereum is moving with Bitcoin movement, anytime Bitcoin rises, Ethereum will follow it up, and anytime it dumps, Ethereum will still dump. These two coins mostly work hand in hand in the market as they are likely two pairs. More dips on the way and now is the perfect time to short Ethereum on future trading, I just started opening my positions for both Bitcoin and Ethereum.

Ethereum and the rest of the crypto market are behind the bitcoin as usual. Anyway, I think there is one last dump left and according to the bitcoin chart, It ranges between $15,000 to $12,000.
I think It was the end of the market crash But the whales can take the market to $15,000 to make more profit and deceive people like us.

[cryptomaniac_xxx]

I check the price since bitcoin has made it around $20k and could be looking at $21k-$22k. Unfortunately, Ethereum is still below the $1.3 threshold even though bitcoin is moving up and there are some positive news around them. So the Sepolia public test network didn't bring any significant push to the price. But let's see if they are going to move it to the full mainnet and maybe there's where the price could pump and get over the $1.3 barrier.

[fuguebtc]

Ethereum is trash. It's time devs starting building their DApps and issuing their tokens on L2 chains like Candle Chain and Polygon

Yes, ethereum is trash. As far as I know out of all the rest of the altcoins, not a single altcoin has surpassed Ethereum in terms of dapps, market cap, investors or number of users...How does a junk coin do that?. Many ethereum killers were created over the years, but I am still disappointed that no one has done it yet. The previous ones were Sol and most recently the celo network, a known ETH killer that was down for almost 24 hours. They are confident that it is faster than ETH, gas fees are cheaper than ETH, but it keeps crashing. Laugh !

[virasisog]

Ethereum is trash. It's time devs starting building their DApps and issuing their tokens on L2 chains like Candle Chain and Polygon

Yes, ethereum is trash. As far as I know out of all the rest of the altcoins, not a single altcoin has surpassed Ethereum in terms of dapps, market cap, investors or number of users...How does a junk coin do that?. Many ethereum killers were created over the years, but I am still disappointed that no one has done it yet. The previous ones were Sol and most recently the celo network, a known ETH killer that was down for almost 24 hours. They are confident that it is faster than ETH, gas fees are cheaper than ETH, but it keeps crashing. Laugh !

Lots of new coins existed claiming that they will replace or kill Ethereum but it remained next to Bitcoin. Many have tried to bring down and replace the said coin but they didn't succeed. Ethereum has built a good foundation of trust so more investors will continue to buy  it no matter what the market season is. Those who are claiming that it's just trash haven't seen its importance and value yet.

[Xal0lex]

Lots of new coins existed claiming that they will replace or kill Ethereum but it remained next to Bitcoin. Many have tried to bring down and replace the said coin but they didn't succeed. Ethereum has built a good foundation of trust so more investors will continue to buy  it no matter what the market season is. Those who are claiming that it's just trash haven't seen its importance and value yet.

But in the long run, these 2 coins are the ones with the strongest fundamentals and maximum utility. They have problems, you can't disagree with that, but where have you seen a crypto project perfect from every angle? They don't exist. The value of crypto projects is well seen over time and ETH has passed this test of time perfectly, no one has yet been able to come even close to ETH in terms of capitalization and utility (except bitcoin, of course ).