Ethereum Price Prediction: Can ETH Break $2,624 and Rally to $4,570?

Ethereum (ETH) has gained 42% in the past week, from $1,812 to $2,584 between May 8 and May 10. This is a bullish “Three White Soldiers” candlestick pattern, a classic sign of sustained buying.

This also confirmed a “rounding bottom” formation, a powerful reversal signal that could take us to $4,570, 81% above the breakout zone.

Technical Setup is Bullish

ETH is at $2,548, testing the 0% Fibonacci level at $2,624.48, the top of the recent rally. Clearing this level could open up the next resistance at $2,771.40, then $2,896.45. The 50-day EMA at $2,198.77 is supporting, so bullish.

But the MACD histogram is showing signs of weakening, so bullish momentum might be cooling. If ETH doesn’t break above $2,624.48, a pullback to the 23.60% Fibonacci at $2,419.38 is possible, with deeper support at the 38.20% retracement at $2,292.50.

Key Levels:

• Resistance: $2,624.48 (0% Fibonacci)

• Next Resistance: $2,771.40

• Support: $2,419.38 (23.60% Fibonacci)

• Next Support: $2,292.50 (38.20% Fibonacci)

• 50-Day EMA: $2,198.77

Short Squeeze Could Fuel the Rally

The current price is putting a lot of pressure on shorts in the derivatives market. According to Coinglass, $786 million in shorts could get liquidated if ETH goes up 3% more, above $2,586. This short squeeze could rapidly move the price up.

Key Liquidation Levels:

• $2,586: $786M shorts get liquidated

• $2,438: $715M longs get liquidated

67M ETH in Profit

According to IntoTheBlock, 67M ETH would be in profit if the price reaches $2,557. This is the average entry price for 6.61M Ethereum holders, so if they start to sell, it will reduce selling pressure and create a strong support zone just below the current price.

Investor Snapshot:

• ETH at Risk: 66.96M

• Average Entry: $2,462

• Profit Target: $2,557

With these levels in mind, Ethereum traders should look for a clean break above $2,624.48 to kick off the next leg up to $3,000 and $4,570.