The short answer
Your fan losing speeds in summer is almost always one of two cheap parts: the pull-chain speed switch or the motor capacitor.
The switch wears out mechanically from thousands of pulls. The capacitor dies from heat, and summer is when it shows.
Both parts cost under $25 and take about an hour to swap with the power off. This is a real DIY job if you're comfortable on a ladder and can follow which wire goes where.
The tell: if the chain feels dead or skips, think switch. If the chain clicks fine but certain speeds won't spin, think capacitor.
What's actually going on inside your fan
A ceiling fan changes speed by routing motor power through a capacitor. Each speed setting on the pull chain taps a different value off that capacitor, which changes the voltage the motor sees.
That's why partial failures are so common. When part of the capacitor block breaks down, you lose the speeds that depended on that section, but the others keep working.
The pull-chain switch is the other weak link. Inside that little cylinder is a set of contacts that rotate every time you pull. After years of daily use, those contacts wear thin and start skipping positions.
Heat is the accelerator on both. A fan hung on the top floor under a poorly insulated attic bakes all summer. Capacitors rated for years of life at 75 degrees fail much faster at 115.
Less often, it's a loose wire nut or a corroded splice inside the switch housing. Vibration and summer humidity both work against those connections over time.
The rare bad case is a burnt motor winding. That one hums, runs hot, and means the fan's done. But it's the exception, not the rule.