Will Ethereum price continue to decline? Market analyst identifies bearish chart pattern,
The Ethereum price made a strong comeback at the start of the second quarter of the year, after a weak start to the first months of 2025.
Although the “King of Altcoins” is in a better position than it was a few months ago, it has not performed particularly well in the past few weeks,
Ethereum's price remained within a range for a long time and then fell to a new low last week, falling below $2,300 in a single move on the night of June 21, reflecting selling pressure in the market due to rising tensions in Asia.
Market expert and Chartered Market Technician Axel Kebar, in a post on June 21, predicted a bearish outlook for the Ethereum price in the next few weeks.
According to them, the price could be ready for a significant downward move, basing their prediction on the price action of an “ascending channel” pattern on Ethereum’s chart,
This technical analysis pattern consists of two upward sloping trend lines, which connect local highs and lows,
This pattern usually indicates an uptrend in price, but if it breaks below the lower line, it indicates a change in trend or a bearish trend.
Ethereum experienced a similar breakdown earlier in the year, which caused the price to drop to $1,200 in April, before a strong recovery followed and the price rose above $2,000 again.
According to Kebar, the recent buying momentum is probably a retest of the bottom line breakdown, and if so, the price could move back to $1,200 or even lower, around $900,
Ethereum is currently trading below $2,300, down more than 5% in the past 24 hours, and down nearly 9% on a weekly basis.
The ongoing market tension and technical indicators indicate that Ethereum's price could decline further, which requires investors to remain cautious....
