Ethereum Eyes $2,700 as Bulls and Bears Watch Key Levels

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.”

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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.

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