The Ethereum price made a quick and strong return at the beginning of the second quarter of the year, having struggled in the first months of 2025. Although the “King of Altcoins” is in a much better place than a few months ago, ETH has not particularly impressed in recent weeks.
The Ethereum Prize had been stuck in a consolidation range before falling to a new low swing during last week. In the late hours of Saturday, June 21, the value of the Altcoin fell below $ 2,300 in a single decision, reflecting the sale pressure of the brewing on the market due to the growing tensions in Asia.
Is the price of ETH again linked to $ 1,200?
In an article on June 21 on the X platform, the approved market technician (CMT) Aksel Kibar painted an attractive bearish image for the Ethereum price in the coming weeks. According to the market expert, the price of the ETH could prepare for a significant drop period.
The reasoning behind this downward projection is the movement of the prices of an upward channel model on the Ethereum table on the weekly time. An ascending channel is a model of technical analysis characterized by two major trends lines (rising slow): the upper line connecting the swing peaks and the lower line connecting swing stockings.
As a rule, the Ascending channel model suggests the persistence of an upward trend in prices. However, a break in this channel can be used to identify a trend reversal or continuation. For example, if a break occurs under the lower trend line, this suggests that there could be a passage from an upward trend to a downward trend.
Source: @TechCharts on X
As shown in the above graph, this ventilation was the case for the Ethereum price when he died of a significant lower pressure earlier this year. The value of the Altcoin plunged $ 1,200 in early April before seeing a strong resurgence above $ 2,000.
In his article on X, Kibar postulated that the recent bullish impulse seen with the Ethereum price could be a simple retest of the broken border of the lower canal. If this is the case, the price of the ETH can return to $ 1,200 or even lower – around the region of $ 900.
Ethereum Prize at a glance
To date, the price of the ETH is just under the level of $ 2,300, reflecting a drop of more than 5% in the last 24 hours. According to Coingecko data, Altcoin is down almost 9% on the weekly time.
The price of ETH on the daily timeframe | Source: ETHUSDT chart on TradingView
Istock star image, tradingview graphic
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