Ethereum (ETH) is trading at $2,550, down 0.54% on the day, as market participants weigh technical setups against on-chain resistance.
Over the past 24 hours, ETH has seen choppy action, briefly touching $2,575 before pulling back, as shown in the latest CoinMarketCap intraday chart.
Technical analyst Ted Pillows points to an “inverse head and shoulders” pattern forming on ETH’s longer-term chart.
According to his analysis, a clean breakout above $2,700 could send Ethereum soaring toward $3,000, calling it a classic bullish reversal setup.
However, on-chain data from Glassnode suggests ETH may face stiff resistance at that same $2,800 level. A significant number of wallets acquired ETH at that price, creating what Glassnode calls a “large cluster of supply.”
If ETH approaches this zone, many holders may look to sell at breakeven, adding potential sell pressure.
The next few days will be crucial. If ETH can decisively break through $2,700 and absorb the supply wall around $2,800, bullish momentum could reignite. Until then, the market appears to be in wait-and-see mode, with both bulls and bears closely watching for a catalyst.
Kosta Gushterov
Reporter at Coindoo
Kosta has been a part of the team since 2021 and has solidified his position with a thirst for knowledge, incredible dedication to his work and a “detective-like” mindset. He not only covers a wide range of trending topics, he also creates reviews, PR articles and educational content. His work has also been referenced by other news outlets.
Source: https://coindoo.com/ethereum-eyes-2700-as-bulls-and-bears-watch-key-levels/