Ethereum (ETH) price has seen a volatile period this week as the altcoin hit a 15-week high of $2,879 on Wednesday before losing 15% of its value to $2,433 on Friday.
While ETH is consolidating below $2,600, a pattern on a longer time frame suggests the top altcoin could extend its pain in the coming weeks.
As observed on the 1-week timeframe, ETH has formed an ascending channel pattern on the chart. This pattern, characterized by higher highs and higher lows with parallel upward sloping lines, indicates a steady uptrend.
However, it also indicates that Ether could see a sharp decline below the support trendline, leading to corrections near the support range around $2,100 – $2,200 if selling pressure increases.
$2,100 – $2,200 is the range that previously acted as support from late 2023 to August 2024.
Ether’s performance in Q3 has historically raised expectations of a potential bear market. The altcoin posted an average return of just 0.88% in Q3, with the previous two showing sharp declines of 24.19% and 13.64%, respectively.
The crypto market tends to see reduced trading volume and volatility due to the summer holiday season and if this seasonal trend continues until Q3 2025, Ether could drop to the $2,100 – $2,200 range.
$2,100 is a bullish bet
The price near $2,100 could mark a strategic entry point for ETH. Inflows into spot ETH ETFs are increasing. According to Glassnode:
“This week alone, these funds have seen 154,000 ETH inflows, 5x higher than the recent weekly average. This month, the largest single-day ETH inflow hit 77,000 ETH on June 11.”
In addition to accumulation from spot ETFs, BlackRock's purchase of Ether through the iShares Ethereum Trust (ETHA) shows inflows from large institutional investors.
With over $500 million in ETH added in recent weeks, bringing total holdings to 1.51 million ETH ($3.87 billion), BlackRock’s structured accumulation points to a long-term bullish outlook.
Data from Token Terminal also shows that billions of dollars are flowing into Ether as financial services and technology companies tokenize assets. The chart shows that tokenized assets under management have skyrocketed to over $5 billion, with major firms like BlackRock and Apollo driving the trend.
Interest from large institutions, combined with ETH’s usual strength in Q4, fueled by year-end investment strategies, could trigger an ETH breakout by the end of 2025.
