Ethereum Bullish Pattern Points To Immediate $3,000 Target – Details
Ethereum's market price increased by 3.16%, benefiting from a broader crypto market resurgence, with a total rise of 44.69% over the past month. Analyst Ted Pillows identified an inverse head-and-shoulders pattern on the 12-hour chart, suggesting a potential breakout towards the $3,000 mark. The pattern's left shoulder formed in February after a drop to $2,000, followed by a deeper decline to $1,400 in April, which created the head. Currently, Ethereum is trading at $2,500, with a resistance level at $2,700 that must be surpassed for a breakout. If successful, a 17.4% increase to $3,000 is anticipated. Daily trading volume has decreased by 58.22% to $12.35 billion, and network fees have declined by 23.9%, indicating reduced transactions. Despite these trends, Ethereum's price remains stable, with $74 million in ETH deposited into exchanges recently.
