The Ethereum market price has experienced a notable increase of 3.16% in what has been a remarkable week for the crypto market, particularly with Bitcoin reaching a new all-time high price. Over the past month, Ethereum has seen a significant surge of 44.69% thanks to the overall market resurgence. This positive performance has caught the attention of crypto analyst Ted Pillows, who believes that Ethereum is poised to maintain its upward trajectory based on a bullish chart pattern.
Pillows recently shared on X that Ethereum’s price movement is forming an inverse head-and-shoulders pattern on the 12-hour daily trading chart. This pattern typically indicates a potential shift from a downtrend to an uptrend, suggesting that Ethereum may be on the verge of a price breakout in the coming days. The left shoulder of this pattern was formed back in February, followed by a sharp decline to around $2,000 before rebounding. The head of the pattern was established in early April when Ethereum dropped to $1,400 and then began a strong recovery to reach $2,700, where it currently sits in a consolidation phase forming the right shoulder.
According to Pillows, the $2,700 price level acts as the neckline of the inverse head-and-shoulders pattern. For Ethereum to confirm a potential breakout, it needs to decisively close above this resistance level. If successful, Pillows predicts that Ethereum could quickly reach the $3,000 mark, representing a potential 17.4% increase from the current market price.
As of the latest data, Ethereum is trading at $2,500 with a modest gain of 0.34% in the past day. The daily trading volume has decreased by 58.22% to $12.35 billion. On-chain analytics firm Sentora reported a 23.9% decline in network fees on the Ethereum blockchain, indicating a decrease in transactions and network activity. Additionally, $74 million in ETH were deposited in exchanges, marking the first inflows in over four months. Despite these developments, Ethereum’s price has remained resilient without any significant decline.
In conclusion, Ethereum’s market performance continues to be optimistic, with the potential for a breakout towards the $3,000 mark according to analyst Ted Pillows’ analysis. Investors and traders will be closely monitoring the price action to see if Ethereum can sustain its upward momentum in the coming days.