Ethereum, the second-largest cryptocurrency by market capitalization, has been on a wild ride in recent weeks. After reaching an all-time high of over $4,000 in early May, the price of ETH has been on a downward trend, currently trading at around $2,500.

But according to technical analysis, things could get even worse for Ethereum in the short term. A double-top pattern has formed on the charts, indicating a potential 30% drop to $1,500 if the pattern plays out. This would be a significant blow to the bulls, who have been struggling to keep the price above the key support level of $2,000.

The double-top pattern is a bearish chart pattern that occurs when the price reaches a high point, retraces, and then attempts to reach the same high again, but fails. This failure signals a potential reversal in the trend, with the price likely to continue its downward trajectory.

If Ethereum does indeed drop to $1,500, it would represent a 30% decline from its current price. This would be a significant correction for the cryptocurrency, which has been on a strong uptrend for the past year, gaining over 1,000% in value.

However, the bulls still have a chance to prevent this scenario from playing out. The $2,000 level has proven to be a crucial support level for Ethereum in the past, and it will be crucial for the bulls to defend it in the coming days. If they are successful, it could signal a potential reversal in the trend and a renewed push towards new all-time highs.

In the meantime, traders and investors will be closely watching the charts to see how Ethereum performs in the coming days. Will the bulls be able to defend the $2,000 level and push the price higher, or will the double-top pattern play out, leading to a significant correction? Only time will tell, but one thing is for sure – the cryptocurrency market remains as volatile and unpredictable as ever.