Cryptocurrency expert Jason Pizzino has raised concerns about Ethereum’s (ETH) potential for a significant price drop, attributing the warning to a technical pattern that suggests bearish momentum.
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Pizzino highlighted the possibility of Ethereum losing over 47% of its current value. He pointed out that ETH may have formed a bearish double-top formation on its weekly chart, a signal that typically points to weakening bullish pressure and a potential decline in price.
According to Pizzino, Ethereum is showing signs of vulnerability, with a possible drop to the $1,600-$1,700 range, down from its current level near $2,100. If the cryptocurrency’s price continues to fall, the next potential support could be between $1,500-$1,600, with even lower levels, around $1,200 or $1,300, possibly coming into play.
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Pizzino noted that similar price movements have occurred with various assets, including Bitcoin, stocks, and the S&P 500.
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The analyst emphasized that while Ethereum has experienced strong performance in recent months, it faces increased pressure from market conditions, as well as from its technical chart patterns.
He suggested that Ethereum could follow a similar trajectory to previous instances of double-top patterns, where the price correction is often steep and swift. As a result, traders and investors should remain cautious and monitor key support levels closely.
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Alexander Stefanov
