Cryptocurrency analyst and trader Jason Pizzino is warning that Ethereum (ETH) may plummet in value for one main reason.
In a new video, Pizzino tells his 349,000 YouTube subscribers that ETH may decline by more than 47% of its current value after the top altcoin may have formed a bearish double-top pattern on the weekly chart.
A double-top pattern is considered a bearish indicator by technical analysts and suggests that bulls lack the strength to push the price of the crypto asset to greater heights.
“It’s really looking very, very weak here and like it wants to continue to fill in the gap of this price range, somewhere between $1,600-$1,700 and basically where it is now, around $2,100. So if you start to see a breakdown of these lows, probably going to come back and test this range, if not the range lower there, at $1,500 to $1,600. So really not great stuff there for ETH.
And I’ve mentioned before these two other price targets, $1,300 and $1,200, $1,166 – that’s basically your 150% off the double top, which I’ve shown [has happened] many, many times across multiple different assets: Bitcoin, it’s happened on the S&P 500, it’s happened on stocks. It’s happened on basically everything.”
ETH is trading for $2,231 at time of writing, up 2.4% in the last 24 hours.
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