The cryptocurrency market has not had a typical “Uptober” performance so far this month, with most large-cap assets falling to new local lows in the past few months. The price of Ethereum, which was on the verge of reaching $5,000 a few weeks ago, is now languishing under the $4,000 mark.
While the “king of altcoins” has been on a roll over the past week, its price appears to be in better shape than it was seven days ago. However, an interesting outlook has emerged for the Ethereum price, as it is believed that the altcoin has already reached its peak in this cycle.
How feasible is a double top for ETH price?
Popular cryptocurrency analyst Ali Martinez recently took to the social media platform X Share An insight into the current Ethereum price setup. According to a market expert, the second largest cryptocurrency may go through an extended bearish period over the next few weeks.
This assessment is about the possible formation of a “double top” pattern on the 3-day time frame of the Ethereum chart. For context, a double top formation is a technical analysis pattern that indicates a possible downtrend reversal after an asset price touches a resistance level without breaking through it.
As shown in the chart above, the initial peak came around late 2021 during altcoin season when the price of ETH rose to an all-time high of over $4,800. This price peak was followed by a market crash, causing the value of Ethereum to fall to around $1,000 by mid-2026.
Meanwhile, the second alleged top of this Ethereum price setup is the current all-time high at $4,946, which was reached earlier in August 2025. According to data from CoinGecko, the value of the altcoin is currently more than 20% away from this record high.
While the two peaks (nearly four years old) look more or less identical, the price action between them makes it difficult to conclusively call them a “double top” pattern. Moreover, the Double top This can only be confirmed when the price falls below the support level, which is usually the lowest point between the two peaks. This support level will be at around $1,000, which is a significant distance from the current price point.
However, it is important to pay attention to ETH’s price action over the next few weeks, as it can provide insight into the future of the coin for this setup.
Ethereum price at a glance
As of this writing, ETH is at around $3,983, reflecting a roughly 3% jump over the past 24 hours.
The post Is The Ethereum Bull Cycle Over? Analyst Identifies Potential ‘Double Top’ Pattern first appeared on Investorempires.com.
