The ETH price model has come out of creating a Head and Shoulder model that reveals a trend reversal on the bullish side and is waiting to test its ATH. A crypto analyst using the name Crypto Wolf on Twitter pointed to the unsuccessful Head and Shoulders pattern and predicted that the ETH price would rise to $ 2,500.
A head and shoulders pattern is a graphic formation appearing as a baseline with three peaks, the outer two being close to each other and the mid-high. In technical analysis, a head and shoulders pattern identifies a particular chart formation that predicts a bullish to bearish reversal.
ETH price was on the verge of completing the head and shoulders pattern yesterday. All eyes were looking at the next move, but could not form a bearish pattern without seeing a trend reversal. After last month’s consolidation, Ethereum seems poised to retest its all-time high of $ 2,036 before hitting $ 2,500.
— Wolf 🐺 (@IamCryptoWolf) March 20, 2021
ETH surpassed 2017 ATH towards the end of February, and just like Bitcoin, market demand is growing day by day. IOMAP has identified approximately 14.26 million ETH, previously purchased by 1.09 million addresses for $ 1.772 to $ 1.826.
The increasing transaction fee and scalability issues in the Ethereum network caused some concern as it appeared to be hostile to ETH at this stage. However, despite the recent increase in transaction volume, most ETH alternatives are far from being an Ethereum substitute. ETH price is currently trading at over $ 1850, with an increase of over 2.25% in the past 24 hours. The upcoming London Hardfork will also implement EIP-1559, which will potentially solve the ongoing high transaction fee issues in the Etheruem network.