The cryptocurrency market has not seen typical “Uptober” results so far this month, with most large-cap assets falling to up-to-date local lows over the past few months. Ethereum’s price, which was close to reaching $5,000 a few weeks ago, now remains below $4,000.
Although the “king of altcoins” saw declines last week, its price seems to be at a better level than seven days ago. However, some fascinating prospects have emerged for Ethereum’s price, with the altcoin believed to have already reached its peak this cycle.
How feasible is a double top for ETH price?
Popular cryptocurrency analyst Ali Martinez recently took to social media platform X participation insight into the current Ethereum price configuration. According to a market expert, the second-largest cryptocurrency may experience an extended period of decline in the next few weeks.
This assessment concerns the potential formation of a “double top” formation on the 3-day time horizon of the Ethereum chart. For context, a double top pattern is a technical analysis pattern that suggests a possible bearish trend reversal when the price of an asset touches a resistance level without breaking through.
As you can see in the chart above, the initial peak occurred in behind schedule 2021, during the altcoin season, when the price of ETH rose to a then-high above $4,800. This price peak was followed by a market crash that saw Ethereum’s value drop to around $1,000 by mid-2026.
Meanwhile, the alleged second peak of this Ethereum price setup is the current all-time high of $4,946, achieved earlier in August 2025. According to data from CoinGecko, the altcoin’s value is currently more than 20% off this all-time high.
While the two highs (nearly four years aged) look somewhat identical, the price action between them makes it arduous to definitively call them a “double top” pattern. What’s more, double peak can only be confirmed when the price falls below the support level, which is usually the lowest point between two highs. The support level would then be around $1,000, which is a significant distance from the current price point.
Nevertheless, it is critical to pay attention to ETH price movements over the next few weeks as it could provide insight into the future of the coin with respect to this setup.
Ethereum price at a glance
At the time of writing, ETH is trading at around $3,983, reflecting an augment of almost 3% in the last 24 hours.
