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The Ethereum market price rose by a net 3.16% in what proved to be another historic week for the crypto market as Bitcoin registered a new all-time high price. Notably, the prominent altcoin has largely benefited from the general market resurgence in the past month, resulting in a 44.69% price increase over this period.
Interestingly, popular crypto analyst Ted Pillows has tipped Ethereum to maintain this positive performance based on a bullish chart pattern. Related Reading: Ethereum Net Flows Turn Negative As Bulls Push For $3,500 Potential ETH Breakout Pattern Hints At $3,000 Mark – Analyst
In an X post on May 24, Ted Pillows shares that Ethereum’s price movement is forming an inverse head-and-shoulders pattern on the 12-hour daily trading chart, suggesting the altcoin may be due for a price breakout in the coming days. The inverse head-and-shoulders pattern is one of the classic bullish reversal patterns, signaling a potential change from a downtrend to an uptrend.
Based on the Tradingview chart presented by Pillows, the left shoulder of this bullish formation of this bullish inverse head-and-shoulders pattern formed in February, when ETH sharply declined to around $2,000 before rebounding and entering a range-bound phase that persisted through the month. Source: @TedPillows on X
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 staged a strong recovery, climbing to around $2,700, before entering another consolidation phase that now forms the right shoulder of the pattern.
According to Ted Pillows’ analysis,the $2,700 price mark represents the neckline of this inverse head and shoulders pattern. ETH bulls must achieve a decisive close above this resistance level to confirm any potential break, a task that has proven tough following two successive rejections in the past few weeks.
However, if Ethereum convincingly breaks out above $2,700, Pillows backs the altcoin to swiftly reach the $3,000 price mark, indicating a potential 17.4% on the current market price. Related Reading Market Expert Projects ‘Undervalued’ Litecoin To Soar At Least 1,000% — Here’s How 1 day ago Ethereum Market Overview
At the time of writing, Ethereum is trading at $2,500 after a 0.34% gain in the past day. Meanwhile, the asset’s daily trading volume is down by 58.22% and valued at $12.35 billion.
According to on-chain analytics firm Sentora, the Ethereum blockchain also recorded a 23.9% decline in network fees over the past indicating a decline in transactions and general network use. Meanwhile, $74 million in ETH were deposited in exchanges, representing the first inflows in over four months. Nevertheless, Ethereum’s price has shown much resilience with no significant decline in response. ETH trading at $2,496 on the daily trading chart | Source: ETHUSDT chart on Tradingview.com Featured image from iStock, chart from Tradingview