Ethereum ended May under pressure and has started June looking much the same: bearish momentum remains in control, and the “King of Altcoins” shows little sign of a near-term recovery.
Crypto analyst Burak Kesmeci told followers on X that ETH could slide toward the $1,822–$1,850 area if it fails to reclaim the $2,033 level in the coming days. His view is based on a clear descending channel visible on the four‑hour chart — a classic bearish pattern marked by lower highs and lower lows — with the channel’s upper boundary, near $2,033 (Fibonacci 0.5), acting as stiff resistance.
If that resistance holds, Kesmeci argues, downward momentum could push ETH into the mid‑$1,800s. The alternate scenario would see a breakout above $2,033, which could open the way to roughly $2,400, but the analyst judges that outcome as less likely given current market dynamics.
Those dynamics include weakening demand for Ethereum exposure: spot ETH exchange‑traded funds recorded more than $241 million in outflows last week — the third consecutive week of sizable net redemptions. That ebb in inflows has been reflected in price action: CoinGecko data show Ether has shed nearly 15% over the past three weeks.
At the time of writing, ETH trades around $2,023, little changed on the day. For now, traders will be watching the $2,033 resistance and the lower channel boundary for clues on whether the next meaningful move is down to the $1,800s or an attempted run toward $2,400.
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