Ethereum (ETH) has been the subject of technical analysis in recent times, with some analysts pointing to the possibility that the cryptocurrency may be stuck in a long-term downtrend channel. This downtrend channel resembles a price pattern in which the asset tends to move in a downward trend, with fluctuations within the channel's boundaries. An interesting observation is that this pattern looks similar to what happened during the market cycle between 2018 and 2020.
Since the beginning of 2021, there has been a price behavior that appears to echo the previous cycle. Ethereum reached historic price levels during the cryptocurrency boom in 2021, but since then, it has faced a series of price corrections and considerable volatility. If this downtrend channel pattern continues to repeat, there is the possibility that Ethereum's price could revisit lower levels.
Since the beginning of 2021, there has been a price behavior that appears to echo the previous cycle. Ethereum reached historic price levels during the cryptocurrency boom in 2021, but since then, it has faced a series of price corrections and considerable volatility. If this downtrend channel pattern continues to repeat, there is the possibility that Ethereum's price could revisit lower levels.