Ethereum Weekly Analysis: Double Top BreakdownHello guys!
Ethereum has formed a clear double top pattern on the weekly timeframe โ a strong bearish reversal signal. The pattern is confirmed by:
๐น A break of the ascending trendline
๐น Strong rejection from the $3,200โ$3,400 resistance zone
๐น Current price action hovering near $1,780
๐งญ Target of the double top pattern lies in the $1,350โ$1,450 zone โ aligned with a low-volume area on the volume profile, which could act as a magnet for price.
Key Takeaways:
If ETH fails to reclaim the $2,000 zone, more downside pressure is likely.
A bounce may occur in the target zone, providing a possible mid-term long opportunity.
๐ Stay cautious and watch for reaction zones, especially if ETH reaches the $1,400 region.
You can buy it at $1400!