Ethereum’s native token Ether (ETH) is poised for a mini bull run above $3,000 primarily due to a classic bullish reversal pattern on its shorter-timeframe chart, and a huge spike in ETH outflows from Coinbase.
ETH price forming falling wedge
ETH’s price has been forming a falling wedge pattern since late March 2022, which raises its prospects of undergoing a breakout move in May.
Falling wedges appear when the price trends lower inside a range defined by two descending, contracting trendlines.
As a rule of technical analysis, these wedges resolve after the price breaks out of their range to the upside and rises to a level at length equal to the maximum distance between the pattern’s upper and lower trendline when measured from the breakout point.
ETH/USD daily price chart