The ETHEREUM market price increased by 3.16 % in what has been proven to be another historical week for the Crypto market, where Bitcoin recorded a new new price ever. It is worth noting that the prominent altcoin has benefited greatly from the return of the public market last month, which led to an increase in the price of 44.69 % from this period.
Interestingly, the TEDS PLUDS has led to the distinction of ETHEREUM to maintain this positive performance based on the upper scheme pattern.
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in X post On May 24, TED BIDOWS shares that the ETHEREUM price movement is a reverse pattern of the head and shoulder on the 12 -hour daily trading plan, indicating that Altcoin may be due to the outbreak of prices in the coming days. The opposite style and the reverse shoulder is one of the classic ups of the upscale declaration, indicating a possible change from the declining direction to the upward trend.
Based on the tradingvief chart provided by the pillows, the left shoulder of this upscale composition of this reverse style that was formed in February, when ETH decreased sharply to about 2000 dollars before recovery and entered a binding phase that continued during the month.
In the following months, ETH will record deeper prices for up to $ 1,400 in early April to form this style. Since then, Altcoin has a strong recovery, climbing to about 2700 dollars, before entering another unification stage that now forms the right shoulder of the pattern.
According to the TED Bidows analysis, the price sign is $ 2700 the neckline for this reverse style and shoulder style. Bulls ETH must achieve a decisive proximity above this resistance level to confirm any possible break, a task that has proven difficult after two consecutive rejections in the past few weeks.
However, if Ethereum erupted convincingly more than 2700 dollars, the pillows supports Altcoin to quickly reach a price sign of $ 3000, indicating a possible 17.4 % of the current market price.
Ethereum market overview
At the time of this report, Ethereum is traded at $ 2,500 after earning 0.34 % last day. Meanwhile, the daily asset trading volume decreased by 58.22 % and a value of $ 12.35 billion.
according to Sentora series AnalysisEthereum Blockchain also recorded a 23.9 % decrease in network fees over the past, indicating a decrease in transactions and the use of the public network. Meanwhile, $ 74 million of ETH was deposited on the stock exchanges, representing the first flows in more than four months. However, the ETHEREUM price has shown a lot of flexibility without a significant decrease in response.
