Analyst Highlights Potential Double Top Pattern in Ethereum Price
The cryptocurrency market is not experiencing the expected "Uptober," with large-cap assets hitting new local lows. Ethereum has dropped below $4,000, despite nearing $5,000 recently.
Potential Double Top for Ethereum
- Crypto analyst Ali Martinez suggests Ethereum might face a bearish period based on a potential "double top" pattern on its 3-day chart.
- A double top indicates a possible bearish reversal after failing to break resistance levels.
- The first peak occurred in late 2021 at over $4,800, followed by a crash to around $1,000 by mid-2026.
- The second peak reached $4,946 in August 2025, but Ethereum is now over 20% below this high.
- Confirmation of the double top requires a drop below the support level, near $1,000, which is far from current prices.
Current Ethereum Price
Currently, ETH is priced at approximately $3,983, marking a nearly 3% increase over the past 24 hours.
