As observed in the 1-week time frame, ETH has formed an ascending channel pattern on the chart. This pattern, characterized by higher highs and higher lows within parallel upward-sloping lines, suggests a steady uptrend. However, it also indicates that Ether could exhibit a bearish breakdown below the supporting trendline, leading to corrections near the support range at $2,100-$2,200 if sell pressure increases.
The $2,100-$2,200 is a multimonth range, which previously acted as support from the end of 2023 to August 2024.
Ether's historical Q3 performance adds weight to expectations of a potential drawdown period. The altcoin has averaged a modest 0.88% return in Q3, with the prior two quarters showing significant declines of 24.19% and 13.64%, respectively.
