Ethereum price has shown a downward trend over the past week, raising concerns among traders and investors. After 42 days of sideways trading, the $2,850 level may be pivotal.
Price Stabilization within the Range
Ethereum price has traded within a well-defined horizontal channel for the past six weeks, with resistance near $2,850 and support around $2,350.
According to analyst Kans, rejection in the red zone between $2,800 and $2,850 recurrently indicates high selling pressure. At the same time, buyers are regularly filling the gap at the green support band, averting further declines.
Fractal Comparison: Repeating January Pattern
Trader Tardigrade Alan shared a chart showing that the Ethereum price trend in June 2025 closely resembles its January 2024 pattern. During both timeframes, the altcoin price was consolidating in the top side of a tight range, which previously led to a strong breakout from the $2,400 area to nearly $4,000 in just a few weeks.
If Ethereum price follows the same fractal path, this current consolidation could act as a springboard towards the $4,000–$4,100 level.
Whale Trader's Short Position
However, the short-term sentiment has been countered by a high-profile whale trade. Lookonchain data revealed that a trader with the address 0xcB92 holds a short position on Ethereum worth $97 million. His track record of near-flawless entries and exits has made him one of the most followed in the Ethereum ecosystem. Last month, he earned over $20 million, with unrealized profits at $14.8 million. He went short near the local top, just before ETH price reversed from the $2,850 resistance.
Ethereum price is currently at a critical level, raising the likelihood of a breakout or a breakdown in the upcoming sessions. The current situation requires careful market observation.
