The large pancake has reached the previous high, and the clones are starting to collectively pull back.
The Bollinger Bands have been torn open, and the market has entered a volatile zone.
If ETH doesn't drop back to 2555 and clear out the long positions at 2555, then this pullback is meaningless.
In the short term, it's just a washout action, first killing off some short longs before pulling up with strength.
Don't rush to catch the bottom; wait until everything is cleared before making a move!
