Cryptocurrency markets have not had the typical “upover” performance so far this month, with most large assets hitting new local lows in months. The price of Ethereum was on the verge of reaching $5,000 a few weeks ago, but is now languishing below $4,000.
The “King of Altcoins” has had a stop-start performance over the past week, but its price appears to be in a better position than it was seven days ago. However, an interesting outlook has emerged for Ethereum prices, with the altcoin believed to have already peaked in this cycle.
How possible is a double top in ETH price?
Popular crypto analyst Ali Martinez recently joined social media platform X to share his insights on the current setup of Ethereum price. The second-largest cryptocurrency could enter a prolonged period of decline over the coming weeks, according to market experts.
This assessment revolves around the possibility of a “double top” pattern forming on the 3-day time frame of the Ethereum chart. For context, a double top formation is a technical analysis pattern that signals a possible bearish trend reversal after an asset price touches a resistance level without breaking through.
As observed in the chart above, the first all-time high came during the late 2021 altcoin season, when the price of ETH exceeded its all-time high of $4,800 at the time. This price peak was followed by a market crash, with Ethereum’s value dropping to around $1,000 by mid-2026.
Meanwhile, the second upper limit of this Ethereum pricing is said to be the current all-time high of $4,946, which was reached in early August 2025. According to data from CoinGecko, altcoin values are currently more than 20% off this all-time high.
Although the two tops (about 4 years old) look somewhat identical, it is difficult to definitively call them a “double top” pattern given the price movement between them. Moreover, a double top can only be confirmed when the price falls below the support level. A support level is usually the lowest point between two peaks. In this case, this support level would be around $1,000, which is quite a distance from the current price point.
Nevertheless, it is important to pay attention to ETH price movements in the coming weeks as they may provide insight into the future of the coin in relation to this setup.
Ethereum price overview
As of this writing, the price of ETH is around $3,983, reflecting an increase of almost 3% over the past 24 hours.
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