Ethereum prices have struggled in the first few months of 2025 and have brought a quick and powerful comeback at the beginning of the second quarter of this year.
Ethereum prices have been stuck within integration range before falling into a new swing drop over the past week. Late on Saturday, June 21st, Altcoin’s value fell below $2,300 in one move, reflecting market brew sales pressures due to escalating tensions in Asia.
Are ETH prices tied up again at the $1,200 level?
In a June 21 post on the X Platform, Chartered Market Technician (CMT) Aksel Kibar drew an interesting bearish picture of Ethereum prices over the coming weeks. According to market experts, the price of ETH may be prepared over a period of considerable downward movement.
The reason behind this bearish prediction is price transfer in the upward channel pattern of the Ethereum chart over the weekly time frame. The ascending channel is a technical analysis pattern that features two major (upward) trend lines. This is the bottom line that connects the upper line that links the swing high and the swing low.
usually, Ascending Channel Pattern It suggests a sustained upward price trend. However, breakouts in this channel can be used to identify trend reversals or continuations. For example, if breakouts occur under lower trend lines, it suggests that there may be a transition from upward trend to downward trends.
Source: @TechCharts on X
As shown in the chart above, this breakdown was for Ethereum prices when it succumbed to significant bear pressure earlier this year. Altcoin’s value plummeted to as low as $1,200 in early April before witnessing a strong revival beyond the $2,000 level.
In his post to X, Kibal assumed that the recent bullish momentum seen at Ethereum prices could simply be a retest of the broken down below channel boundary. In this case, the ETH price can be returned to around $900 region and below $1,200.
Ethereum prices are at a glance
At the time of this writing, ETH prices are just below the $2,300 level, reflecting a decline of over 5% over the past 24 hours. According to Coingecko data, Altcoin is down almost 9% over the weekly time frame.
The price of ETH on the daily timeframe | Source: ETHUSDT chart on TradingView
ISTOCK featured images, TradingView chart
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