<ul><li>Ethereum's price surged to $2,575 in the past 24 hours before retracting, with analysts noting an 'inverse head and shoulders' pattern forming on its longer-term chart.</li><li>A breakout above $2,700 could lead to a potential rise towards $3,000, indicating a bullish reversal setup according to technical analyst Ted Pillows.</li><li>On-chain data from Glassnode suggests strong resistance at $2,800 due to a significant number of wallets holding ETH at that price, potentially creating a 'large cluster of supply.'</li><li>The market is currently in a wait-and-see mode with both bulls and bears monitoring closely; a decisive break above $2,700 and absorption of the supply wall at $2,800 could reignite bullish momentum.</li></ul>

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

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