Ethereum Bullish Pattern Points To Immediate $3,000 Target – Details 📈
The Ethereum market has experienced a notable increase, with a 44.69% price rise in the past month. The prominent altcoin benefits from a resurgence in the crypto market, including Bitcoin's new all-time high. Analyst Ted Pillows predicts Ethereum's price will continue its positive trajectory, citing a bullish inverse head-and-shoulders pattern.
Pillows' analysis on May 24 suggests that Ethereum's 12-hour daily trading chart is forming this classic pattern, indicating a reversal from a downtrend to an uptrend. Previous price movements have depicted this pattern, with Ethereum's price declining to $1,400 in April, followed by a recovery to around $2,700, forming the neckline of the formation.
To further rally, Ethereum bulls need to close above the $2,700 resistance level. Successful breakout could elevate Ethereum's price to approximately $3,000, projecting a potential 17.4% increase from the current market value.
As of now, Ethereum trades at $2,500 with a 0.34% gain, though daily trading volume has dipped. Recent on-chain analytics reveal decreased network fees and transaction activity, while $74 million in ETH were deposited in exchanges, marking the first inflows in months.
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