Ethereum Breaks Down from Multi-Year Ascending Channel
Ethereum's price has been stuck in a tight range between $1,800 and $1,900 after a sharp decline from its August 2025 peak of over $4,900. Analyst Northstar believes there is no reason to be bullish on Ethereum for the rest of 2026.
The multi-year ascending channel that had held since the 2022 bear market bottom has broken down, according to Northstar's chart on X. This technical breakdown signals a structural shift rather than a temporary pullback.
Ethereum's price action over the past four years was defined by a well-established rising channel with an origin around $1,030-$1,130 from the 2022 lows. The most recent high near $4,700 in July marked another rejection at resistance, followed by a sharp decline that saw ETH break below the rising support line for the first time.
The critical near-term question is whether ETH fails to reclaim the $1,840-$1,900 zone and moves decisively back below $1,700. If it does, the next move could be toward the $1,130 origin of the channel or lower.