The cryptocurrency market has not seen its usual performance so far this month, with most large-cap assets falling to new local lows over the past few months. The price of Ethereum, which was on the verge of reaching $5,000 a few weeks ago, is now languishing below the $4,000 mark.
While the “king of altcoins” has seen stop-start performance over the past week, its price appears to be in a better position than it was seven days ago. However, an interesting outlook has emerged for Ethereum price, with the altcoin appearing to have already reached its peak during this cycle.
How feasible is a double top for ETH price?
Popular crypto analyst Ali Martinez recently took to social media platform X to share information on the current Ethereum price setup. According to the market expert, the second largest cryptocurrency could experience a prolonged bearish period in the coming weeks.
This assessment revolves around the potential formation of the “double top” pattern on the 3-day time frame of the Ethereum chart. As a reminder, the double top formation is a technical analysis model suggesting a possible bearish trend reversal after the price of an asset touches a resistance level without crossing it.
As seen in the chart above, the initial high occurred towards the end of 2021, during the altcoin season, when the price of ETH reached the then all-time high above $4,800. This price spike was followed by a stock market crash, which saw the value of Ethereum fall to around $1,000 by mid-2026.
Meanwhile, the purported second high of this Ethereum price pattern is the current all-time high of $4,946, reached earlier in August 2025. According to CoinGecko data, the altcoin’s value is currently more than 20% adrift of this record high.
Although the two highs (nearly four years) look somewhat identical, the price action between them makes it difficult to definitively call them a “double top” pattern. Additionally, the double top can only be confirmed when the price drops below the support level, which is usually the lowest point between the two highs. This support level would then be around $1,000, which is very far from the current price.
Nonetheless, it is important to pay attention to ETH price action over the coming weeks, as it could provide insight into the coin’s future relative to this setup.
Ethereum price at a glance
At the time of writing, the ETH price stands at around $3,983, reflecting a rise of almost 3% over the past 24 hours.
