Prices on the Ethereum market rose 3.16%, which proved to be another historic week for the crypto market as Bitcoin registered its highest price ever. Notably, the well-known Altcoin has benefited from a large portion of the general market revival over the past month, resulting in a price increase of 44.69% during this period.
Interestingly, popular Crypto analyst Ted Pillows is leaning Ethereum to maintain this positive performance based on a bullish chart pattern.
Related Reading: Ethereum Net Flow changes to negative when Bulls press $3,500
Potential ETH breakout patterns are $3,000 tips – Analysts
In a May 24th X post, Ted Pillows shares that Ethereum’s price transfer forms an inverse head and shoulder pattern on a 12-hour daily trading chart, suggesting that Altcoin could potentially allow price collapse in the coming days. The reversed head and shoulder pattern is one of the classic bullish inversion patterns, indicating a potential change from caves to uptrends.
Based on the TradingView chart presented by the pillow, the left shoulder of this bullish formation of this bullish reverse head and shoulder pattern was formed in February.
Over the next few months, ETH will record a deep price drop in early April to a low $1,400 deal, forming the head of this pattern. Since then, Altcoin has made a strong recovery, rising to around $2,700 before entering another integration phase that forms the right shoulder of the pattern.
According to an analysis by Ted Pillows, the $2,700 price mark represents this inverted head and shoulder pattern neckline. The ETH Bulls need to achieve critical proximity above this level of resistance to see potential breaks.
However, if Ethereum promotes a compelling outbreak of over $2,700, the pillow will quickly reach the $3,000 price mark with Altcoin boost, indicating a potential 17.4% of the current market price.
Overview of Ethereum Market
At the time of writing, Ethereum is trading at $2,500 after an increase of 0.34% on the past day. Meanwhile, daily trading volume of assets fell 58.22%, valued at $123.5 billion.
According to on-chain analytics firm Sentora, Ethereum blockchain has recorded a 23.9% decline in network fees in the past, indicating a decline in transactions and general network usage. Meanwhile, $74 million in ETH has been deposited in exchange, representing the first inflow in more than four months. Nevertheless, Ethereum prices show a lot of resilience, with no significant reductions in that.
