Ethereum Price Climbs 3.16% as Market Eyes $3,000 Target

Ethereum's market price increased by 3.16%, benefiting from a broader crypto market surge, particularly as Bitcoin reached a new all-time high. Over the past month, Ethereum's price rose by 44.69%.

Potential Price Breakout

Analyst Ted Pillows identified an inverse head-and-shoulders pattern on Ethereum's 12-hour chart, indicating a possible price breakout.
This pattern suggests a transition from a downtrend to an uptrend, with significant historical price movements noted.
Key levels include a neckline at $2,700; a close above this level is necessary for a confirmed breakout.
If achieved, Ethereum could target $3,000, representing a potential increase of 17.4% from current prices.

Market Overview

Currently, Ethereum trades at $2,500, with a minor daily gain of 0.34%. Daily trading volume has decreased by 58.22% to $12.35 billion. On-chain analytics indicate a 23.9% drop in network fees, suggesting reduced transactions. Notably, $74 million in ETH was deposited into exchanges, marking the first inflow in four months.