Ethereum’s bullish pattern points to an immediate $3,000 target – Details
Ethereum’s market price has risen by 3.16% as Bitcoin earns its new all-time highest price. It is worth noting that the famous Altcoin has benefited greatly from the general market revival in the past month, with prices rising by 44.69% during this period.
Interestingly, popular crypto analyst TED Pillow has tilted Ethereum to maintain this positive performance based on bullish chart patterns.
Related Reading: Net Ethereum Flow Turns Negative As Bulls Launch $3,500
Tips for potential ETH breakout mode is $3,000 Mark – Analysts
In the X post on May 24, TED Pillows shared that Ethereum’s price movements form a reverse head and stock pattern on the daily 12-hour trading chart, suggesting that Altcoin may see a price breakout in the coming days. The reverse head and shoulder pattern is one of the classic bullish reversal patterns, indicating a potential change from a decline to an uptrend.
According to the trading chart presented by the pillow, this bullish bullish form of the left shoulder formed in February this bullish reversal head and stock model, when ETH dropped sharply to around $2,000 before rebounding and entering a period of continuous range throughout the month.
In the coming months, ETH will drop deeper prices to $1,400 in early April to form the head of this model. Since then, Altcoin has made a strong recovery, climbing to around $2,700 before entering another merger stage that makes up the patterned right shoulder.
According to TED Pillows analysis, the $2,700 price tag represents the neckline of this reverse head and shoulder pattern. Eth Bulls must achieve a decisive approach above this level of resistance to confirm any potential breakthrough, a task that proves the task after two consecutive rejections in the past few weeks.
But if Ethereum convincingly exceeds $2,700, the pillow will be sold backrest substitute, marking at a price that quickly reaches $3,000, indicating the potential for the current market price of 17.4%.
Ethereum Market Overview
At the time of writing, Ethereum has traded at $2,500 after earning 0.34% in the past few days. Meanwhile, the daily trading volume of assets fell 58.22% to be worth $12.35 billion.
According to data from chain analytics firm Sentora, Ethereum blockchain has dropped 23.9% in the past, indicating a decline in transactions and general network usage. Meanwhile, $74 million of ETH was deposited on the exchange, representing the first inflow in four months. Despite this, Ethereum’s price showed great resilience, and the reaction did not drop significantly.
