Bullish pattern of Ethereum points to an immediate target of $3,000
The market price of Ethereum rose by 3.16% net in what turned out to be another historic week for the cryptocurrency market, with Bitcoin reaching a new all-time high. It is noteworthy that the prominent altcoin has greatly benefited from the overall market rally over the last month, which translated into a price increase of 44.69% during this period.
Interestingly, popular cryptocurrency analyst Ted Pillows has predicted that Ethereum will maintain this positive performance based on a bullish chart pattern.
A potential breakout pattern of $ETH points to the $3,000 mark, according to an analyst.
In a post on X from May 24, Ted Pillows shares that the price movement of Ethereum is forming an inverted head and shoulders pattern on the 12-hour daily chart, suggesting that the altcoin could experience a bullish breakout in the coming days. This pattern is one of the classic bullish reversal patterns, indicating a possible change from a bearish trend to a bullish one.
