Ethereum market price rose by a net 3.16% in what turned out to be another historical week for the crypto market when Bitcoin registered a New high price of all times. Noteworthy, the prominent Altcoin has largely been favored by the general market’s resuscitation over the past month, which resulted in a price increase of 44.69% during this period.
Interestingly, the popular crypto analyst Ted pillows have tipped Ethereum to maintain this positive performance based on a haus -like diagram pattern.
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Potentially ETH -Breakout pattern tips for $ 3,000 brand -analysts
In one X post On May 24, Ted pillows share that Ethereum’s price movement forms a Reverse head-and-axis pattern On the 12-hour daily trading diagram, which indicates that Altcoin may be due to a prize outbreak in the coming days. The reverse main-and-axis pattern is one of the classic hausse-like turning patterns, which signals a potential change from a downhill trend to a trend.
Based on the TradingView diagram presented by pillows, the left axis on this haisse formation of this hausse-like head-and-axis pattern formed in February, when ETH greatly decreased to about $ 2,000 before recovering and entered an interval-bound phase that continued through the month.
In the following months, ETH would register deeper price falls to trade as low as $ 1,400 in early April to form the head of this pattern. Since then, Altcoin has arranged a strong recovery, climbing to about $ 2,700, before entering another consolidation phase that now forms the right shoulder of the patterns.
According to the Ted Pillows analysis, the price mark of $ 2,700 Represents the neckline of this reverse head and shoulders. ETH bulls must achieve a decisive closure above this level of resistance to confirm each potential break, a task that has proven to be tough after two consecutive rejections in recent weeks.
But if Ethereum convincingly breaks out over $ 2,700, the pillows support Altcoin to quickly reach the price of $ 3,000, indicating a potential 17.4% at the current market price.
Ethereum market overview
At the time of writing, Ethereum is traded at $ 2500 after a 0.34% win over the past day. At the same time, the asset’s daily trade volume drops by 58.22% and is valued at $ 12.35 billion.
According to The analysis company Sentora on the chainEthereum blockchain also registered a decline of 23.9% in network fees during the past, indicating a decline in transactions and general network use. At the same time, $ 74 million was deposited in ETH in exchanges, which represented the first inflow of over four months. Nevertheless, Ethereum’s price has shown a lot of resilience without any significant decline in response.
