The Ethereum market price increased by 3.16% net in what turned out to be another historic week on the cryptographic market, because Bitcoin registered a modern high price. In particular, the outstanding Altcoin has largely benefited from the general revival of the market over the past month, which caused a price escalate by 44.69% in this period.
Interestingly, the popular cryptographic analyst Ted Pillows tilted Ethereum to maintain this positive result based on a stubborn chart pattern.
Related Reading: Ethereum Net Flows become negative when the bulls press $ 3500
Potential tips ETH patterns of $ 3,000 – analyst
IN X Post On May 24, Ted Pillows shares that the Ethereum price movement creates the opposite head and arms pattern on a 12-hour daily trade chart, which suggests that Altcoin may be out of the coming days. The opposite head and rescuers pattern is one of the classic stubborn reversal patterns, signaling a potential change from the inheritance factor to an upward trend.
Based on the TradingView chart, the left arm of this stubborn formation of the opposite formation of the opposite head of the head and arms formed in February, when Eth dropped to around $ 2000 before the reflection and entering the range related to the range, which lasted for a month.
In the following months, ETH would register a deeper price of commercial falls of up to $ 1,400 at the beginning of April to create the head of this pattern. Since then, Altcoin organized a powerful recovery, climbing to around 2,700 USD before entering the next phase of consolidation, which now creates the right arm of the pattern.
According to the analysis, Ted Pillows, the 2,200 USD price is represented by the neckline of this inverse head and shoulder pattern. ETH Bulls must achieve the decisive approach above this level of resistance to confirm all potential breaks, a task that turned out to be complex after two subsequent rejections in the last few weeks.
However, if Ethereum convincingly exceeds 2,700 USD, the pillows supported Altcoin to quickly achieve a 3000 USD price sign, which indicates a potential 17.4% compared to the current market price.
Ethereum market review
At the time of writing, Ethereum trades at USD 2,500 after a profit of 0.34% on the last day. Meanwhile, the daily volume of asset trading fell by 58.22% and priced at $ 12.35 billion.
According to Analytical company in the Sentor chainBlockchain Ethereum also recorded a 23.9% decrease in network fees in the past, which indicates a decrease in transactions and the general utilize of the network. Meanwhile, $ 74 million ETH has been deposited on stock exchanges, which is the first influx in over four months. Nevertheless, the price of Ethereum showed high resistance without a significant decline in response.
