Is The Ethereum Bull Cycle Over? Analyst Identifies Potential ‘Double Top’ Pattern

The crypto market has been underperforming in October, with Ethereum struggling below $4,000 after nearly reaching $5,000. An analyst suggests Ethereum may have already peaked in its current cycle, potentially entering an extended bearish period. This analysis is based on the possible formation of a "double top" pattern on Ethereum's 3-day chart. The double top pattern indicates a bearish reversal after the price fails to break through a resistance level. The first top occurred in late 2021, followed by a crash to around $1,000 in mid-2026. The second, potential top is the current all-time high of $4,946 reached in August 2025. Confirmation of the double top requires the price to drop below the support level, which is around $1,000. Currently, Ethereum's price is around $3,983, reflecting a recent 3% increase. Monitoring Ethereum's price movement in the coming weeks is crucial to understand its trajectory relative to the double top pattern.