Analyst Jason Pizzino Issues Ethereum Alert, Says ETH Looking Very Weak – Here Are His Downside Targets

Cryptocurrency analyst and dealer Jason Pizzino is warning that Ethereum (ETH) could plummet in worth for one important purpose.

In a brand new video, Pizzino tells his 349,000 YouTube subscribers that ETH could decline by greater than 47% of its present worth after the highest altcoin could have fashioned a bearish double-top sample on the weekly chart.

A double-top sample is taken into account a bearish indicator by technical analysts and means that bulls lack the energy to push the worth of the crypto asset to larger heights.

“It’s actually trying very, very weak right here and prefer it needs to proceed to fill within the hole of this worth vary, someplace between $1,600-$1,700 and principally the place it’s now, round $2,100. So in case you begin to see a breakdown of those lows, most likely going to come back again and check this vary, if not the vary decrease there, at $1,500 to $1,600. So actually not nice stuff there for ETH.

And I’ve talked about earlier than these two different worth targets, $1,300 and $1,200, $1,166 – that’s principally your 150% off the double prime, which I’ve proven [has happened] many, many instances throughout a number of completely different property: Bitcoin, it’s occurred on the S&P 500, it’s occurred on shares. It’s occurred on principally every thing.”

ETH is buying and selling for $2,231 at time of writing, up 2.4% within the final 24 hours.

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