Cryptocurrency analyst and trader Jason Pizzino warns that Ethereum (ETH) can fall in value for one important reason.
In a new video, Pizzino tells His 349,000 YouTube subscribers who can fall ETH by more than 47% of the current value after the top altcoin may have formed a bearish double top pattern on the weekly graph.
A pattern with double top is considered by technical analysts as a bearish indicator and suggests that bulls miss the power to push the price of the crypto assets to greater heights.
“It looks really whole, very weak here and as if it wants to continue to fill in the gap of this price range, somewhere between $ 1,600 and $ 1,700 and in principle where it is now, around $ 2,100. So if you start to see a breakdown of these lows, will probably come back and this range, if not the range, will be there, at $ 1,500 to $ 1,600. So really no great things for ETH.
And I have previously called these two other price goals, $ 1,300 and $ 1,200, $ 1,166 – that is actually your 150% discount on the double top, which I have shown [has happened] Many, many times over several different assets: Bitcoin, it happened on the S&P 500, it happened on shares. It actually happened on everything. “
ETH has been traded for $ 2,231 for the past 24 hours at the time of writing, an increase of 2.4%.
https://www.youtube.com/watch?v=KBGN8SFFTL0
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