Ethereum is showing a double-bottom pattern on its daily chart, a setup that typically signals a reversal. Analyst Aksel Kibar has identified the neckline at $1,842 and a potential target of $2,163. But he's telling retail buyers to hold off until the price clears $2,000.
The pattern
The double bottom formed after Ethereum tested a support zone twice in recent weeks. Each test held, creating the familiar W-shaped trough. The neckline — the resistance level that separates the two bottoms — sits at $1,842. A clean break above that line would confirm the pattern and open the path toward $2,163, roughly a 17% gain from current levels.
What Kibar is watching
Kibar, a technical analyst who tracks chart patterns across crypto and equities, warned that jumping in early is risky. He said retail traders should wait for a decisive breakout above $2,000 before entering. That's a higher bar than the neckline, but it filters out false breakouts that often trap impatient buyers.
The warning matters because double bottoms can fail if the breakout lacks volume or comes during low liquidity. Ethereum has been range-bound for weeks, and the broader market hasn't shown clear direction. Kibar's advice essentially tells traders: let the market prove itself first.
Why the wait matters
The timing isn't great for those who bought near the bottom. If Ethereum stalls below $2,000, the pattern could morph into a consolidation zone rather than a reversal. A failed breakout often leads to a retest of the support area, which would erase any short-term gains.
For now, the chart is constructive but not yet confirmed. The next few sessions will show whether buyers can push through $2,000 or if resistance holds. Kibar isn't saying avoid Ethereum — he's saying wait for the signal.
