Technical analysis shows Ethereum faces potential value loss due to a double top pattern forming on the weekly charts.
Double Top Formation on Charts
The 'double top' formation on the weekly chart is considered by analysts as a significant technical model indicating market weakness. If Ethereum fails to stay above the $2,100 level, the first support zone is identified as $1,600-$1,700, followed by a critical zone between $1,500 and $1,600.
Risks of a Downward Scenario
Analyst Jason Pizzino warns of the potential for further price declines in Ethereum. Trading below the $2,100 level could increase selling pressure, targeting the $1,500-$1,600 range.
Analysts' Recommendations
Despite a recent 2.4% increase in the last 24 hours, analysts advise investors to closely monitor price movements given the current market climate and possible long-term risks.
Considering the current technical signals and global conditions, analysts emphasize the need for cautious risk management for investors.
