The Ethereum market price rose by a net 3.16% in what proved to be another historic week for the crypto market, as Bitcoin registered a new all-time high price. Notably, Ethereum has largely benefited from the general market resurgence in the past month, resulting in an impressive 44.69% price increase over this period.
Interestingly, popular crypto analyst Ted Pillows has tipped Ethereum to maintain this positive performance based on a bullish chart pattern.
Related Reading: Ethereum Net Flows Turn Negative As Bulls Push For $3,500
Potential ETH Breakout Pattern Hints At $3,000 Mark – Analyst
In an X post on May 24, Ted Pillows indicated that Ethereum’s price movement is forming an inverse head-and-shoulders pattern on the 12-hour daily trading chart, suggesting the altcoin may be due for a price breakout in the coming days. The inverse head-and-shoulders pattern is recognized as one of the classic bullish reversal patterns, signaling a potential change from a downtrend to an uptrend.
According to Pillows, the left shoulder of this bullish formation began in February, when ETH sharply declined to around $2,000 before rebounding and entering a range-bound phase that persisted through the month.
In the following months, ETH experienced deeper price declines, trading as low as $1,400 in early April to form the head of this pattern. Since then, the altcoin has staged a robust recovery, climbing to around $2,700 before entering another consolidation phase that now forms the right shoulder of the pattern.
According to Ted Pillows’ analysis, the $2,700 price mark represents the neckline of this inverse head-and-shoulders pattern. To confirm any potential breakout, ETH bulls must achieve a decisive close above this resistance level, a challenge that has proven difficult following two successive rejections in recent weeks.
However, should Ethereum convincingly break above $2,700, Pillows believes the altcoin could swiftly reach the $3,000 price mark, indicating a potential 17.4% increase based on its current market price.
Ethereum Market Overview
As of the time of writing, Ethereum is trading at $2,500 after a slight gain of 0.34% in the past day. Meanwhile, the asset’s daily trading volume has decreased by 58.22%, amounting to $12.35 billion.
On-chain analytics firm Sentora has reported a 23.9% decline in Ethereum’s network fees over the past week, signaling a reduction in transactions and general network activity. Additionally, $74 million in ETH was deposited into exchanges, marking the first inflows in over four months. Yet, Ethereum’s price has demonstrated notable resilience, showing no significant decline in response.
