Cryptocurrency analyst and trader Jason Pizzino is sounding the alarm on Ethereum (ETH), predicting a significant drop in value due to a bearish double-top pattern on the weekly chart.
According to Pizzino’s latest video shared with his 349,000 YouTube followers, ETH could see a decline of more than 47% from its current price as the double-top pattern indicates a lack of bullish momentum to drive the price higher.
A double-top pattern is typically seen as a negative signal by technical analysts, suggesting that the cryptocurrency may struggle to maintain its current levels.
“The chart looks weak and shows signs of further downside potential, possibly retracing to the $1,600-$1,700 range or even lower to $1,500-$1,600. If the current support levels break, we could see a test of $1,300 and $1,200, which is a 150% drop from the double top. This pattern has been observed across various assets like Bitcoin and stocks,” explained Pizzino.
At the time of writing, ETH is priced at $2,231, representing a 2.4% increase in the last 24 hours.
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