In the course of the past 24 hours, ETH has found itself in quite the fray, dancing like a drunk at a ball – briefly touching $2,575 before staggering back down, as the latest CoinMarketCap intraday chart so delicately illustrates.
The illustrious technical analyst, Ted Pillows, points out a rather elegant “inverse head and shoulders” pattern taking shape on ETH’s long-term chart. Ah, the mysteries of the market – a bit like a Russian novel, but with fewer tears and more volatility.
According to Pillows’ sage analysis, should ETH manage to break cleanly above $2,700, it could very well catapult itself towards the coveted $3,000 mark, transforming into a classic bullish reversal setup. One might say, “How delightful!” 
But, alas, not so fast. On-chain data from Glassnode suggests that ETH may meet a most unwelcome foe at the $2,800 level: a “large cluster of supply” – a phrase as ominous as a storm cloud in the distance. You see, many wallets have accumulated ETH around that price, and when such holders begin to see breakeven, they may flock to sell, adding a delightful layer of sell pressure to the whole affair.
The coming days, my dear reader, will be crucial. If ETH can, with a hint of grace and no small measure of determination, break above $2,700 and absorb the looming supply wall at $2,800, we may once again see bullish momentum reigniting. Until then, both bulls and bears remain perched like expectant spectators, watching for any sign of a catalyst.
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2025-05-24 23:24