Crypto analyst Jason Pizzino is sounding the alarm on Ethereum (ETH), predicting a substantial price drop. He’s shared his bearish outlook with his large YouTube following.
Bearish Double Top Pattern
Pizzino points to a “bearish double-top pattern” on the ETH weekly chart as the primary reason for his concern. This pattern, a common technical indicator, suggests a lack of buying pressure and potential for a significant price decline.
Predicted Price Drops
Pizzino forecasts a potential ETH price drop of over 47% from its current level. He cites several potential price targets:
- $1,600-$1,700: A likely initial support level.
- $1,500-$1,600: A lower support level if the initial target is broken.
- $1,300, $1,200, $1,166: More aggressive downside targets, based on historical patterns observed in other assets like Bitcoin and the S&P 500.
Current Price and Disclaimer
At the time of writing, ETH is trading around $2,231, up slightly in the last 24 hours. It’s important to remember that this is just one analyst’s opinion, and cryptocurrency investments are inherently risky. Always do your own research before investing.
