Ethereum Forms Bearish Inverted Cup and Handle, Eyes $1,690 Target on May 18 Breakdown

ETH1.07%
According to technical analysis by BeInCrypto, Ethereum has formed a bearish inverted cup and handle pattern on the daily chart between March 29 and May 18, with a measured-move target of $1,690—roughly 19% below the $2,087 neckline—if confirmed by a daily close beneath that support level. The pattern reflects deteriorating network fundamentals: Ethereum's DeFi total value locked plunged from $106.687 billion on January 15 to $62.957 billion as of May 18, a 41% decline in four months. Mid-term holders are also exiting; Glassnode's HODL Waves indicator shows the 3-month to 6-month cohort fell from 18.63% of total ETH supply on April 7 to 12.73% by May 18, signaling weakening conviction. The breakdown remains unconfirmed; a daily close above $2,087 would invalidate the bearish setup.
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