The Ethereum Prize made a quick and strong comeback at the beginning of the second quarter of the year, after fighting during the first months of 2025. While “King of Altcoins” is in a much better place than it was a few months ago, ETH has not very impressed in recent weeks.
Ethereum price had been stuck within a consolidation area before falls to a new swing low In the past week. During the late hours on Saturday, June 21, Altcoin’s value fell below $ 2,300 in a single move, which reflected the brewing pressure on the market due to the escalating tensions in Asia.
Is the ETH price bound for the $ 1,200 level again?
In a June 21 post on the X platform, Chartered Market Technician (CMT) Aksel Kibar painted An interesting Baissian image for the Ethereum Prize in the coming weeks. According to the market expert, the price of ETH may be ready for a period of significant downward movement.
The reasoning behind this baisse -like projection is the price movement for a rising channel pattern on the Ethereum diagram on the weekly time frame. A rising channel is a technical analysis pattern characterized by two main (upward sloping) trend lines: the upper line that connects the swing piles and the lower line connecting swing loans.
Usually Rising channel patterns suggests the endurance of an upward price. However, a breakout of this channel can be used to identify a trend or continuation. For example, if a breakout occurs below the lower trend line, it suggests that there may be a transition from an upward trend to a trend.
Source: @TechCharts on X
As shown in the diagram above, this division was the case for the Ethereum Prize when it gave in to significant baissed pressure earlier this year. The Altcoin value dropped to as low as $ 1,200 in early April before witnessing a strong resuscitation over $ 2,000 level.
In his post on X posed Kibar that Recently hausseartat momentum Seen with the Ethereum price can be just a retest of the broken lower channel limit. If this is the case, the price of ETH can go back to $ 1,200 or even lower – around the $ 900 region.
Ethereum price
From this writing, the price of ETH is just below the $ 2,300 level, which reflects an over 5% decline over the past 24 hours. According to data from Coytecko, Altcoin is down by almost 9% on the weekly time frame.
The price of ETH on the daily timeframe | Source: ETHUSDT chart on TradingView
Image from iStock, chart from tradingview
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