Ethereum Price Poised for $3,000 Breakout? Analyst Explains
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Ethereum (ETH) shows a bullish inverse head-and-shoulders pattern, hinting at a potential price surge to $3,000, according to crypto analyst Ted Pillows. This pattern, identified on the 12-hour chart, suggests a shift from a downtrend to an uptrend. The left shoulder formed in February when ETH dropped to around $2,000 before rebounding. A subsequent fall to $1,400 in early April created the head of the pattern. The current price consolidation around $2,700 constitutes the right shoulder, with $2,700 acting as the neckline resistance. A decisive close above this level would confirm the breakout. Pillows anticipates a swift rise to $3,000, a potential 17.4% increase from the current price. However, this prediction hinges on overcoming the $2,700 resistance, a feat that has proven challenging in recent weeks due to two prior rejections. Currently, ETH trades around $2,500 with a slight daily gain but decreased trading volume (-58.22%) and network fees (-23.9%), indicating potentially lower transaction activity. Despite these indicators, $74 million in ETH were deposited into exchanges, a first in four months, yet the price remains resilient. The overall market context is positive, with Bitcoin hitting new all-time highs and ETH experiencing a 44.69% increase over the past month.
