Ethereum’s price has had a rollercoaster year. After a rough start to 2025, it bounced back strongly in the second quarter. But lately, things have been less impressive.
Ethereum’s Recent Dip
For the past few weeks, Ethereum’s price has been stuck in a trading range, before recently hitting a new low. On June 21st, it dropped below $2,300 in a single move, likely fueled by some market anxieties.
A Bearish Prediction
Market analyst Aksel Kibar recently shared a pessimistic outlook for Ethereum. He believes the price could be about to take a significant dive.
The Chart Pattern
Kibar points to a technical analysis pattern called an “ascending channel” on the weekly Ethereum chart. Normally, this pattern suggests an upward trend. However, a break below the lower trendline often signals a reversal. This is exactly what happened earlier this year, leading to a price plunge to around $1,200.
The Worrying Retest
Kibar suggests the recent price increase might just be a retest of that broken lower trendline. If he’s right, Ethereum could be headed back down to $1,200, or even as low as $900.
Ethereum’s Current State
At the time of writing, Ethereum is trading just under $2,300, down over 5% in the last 24 hours and almost 9% for the week.