Yeliz Akmaca 
Ethereum’s price surged by 40% in the past week, crossing $2,500. Between May 8-10, it rose from $1,812 to $2,584. This movement formed three consecutive bullish candles. As buying pressure increases, investors anticipate a strong bull run. The Relative Strength Index (RSI) is in the overbought zone. However, a short-term correction risk exists.
Ethereum Targets $4,570
Ethereum broke out from a low of $1,386. By surpassing the $2,517 peak, it formed a rounding bottom pattern. This pattern signals a trend reversal. If the price holds above $2,500, an 81% surge is possible. The target is calculated at $4,570. Trading above the 200-day EMA supports the rally.
ETH Approaches Profitability
According to IntoTheBlock data, 6.61 million investors could make 66.96 million ETH profitable. The average purchase price is $2,462. If the price exceeds $2,557, this supply will become profitable. This could create a strong support zone. Investors expect the uptrend to continue.
Coinglass data shows $786 million in short position liquidations at $2,586. A 3% rise could trigger a short squeeze. Conversely, $715 million in long positions are at risk at $2,438. Both scenarios could increase volatility. The Pectra upgrade is a supporting factor for the rally.
Bearish Scenario and Support Levels
If Ethereum loses the 50% Fibonacci level at $2,430, the bullish thesis weakens. A drop below the 200-day EMA could test the 100-day EMA at $2,144. Bulls must defend these levels. Otherwise, bearish pressure increases.
The profitability of 67 million ETH could accelerate the rally. Technical analysis supports the $4,570 target. $3,000 forms a psychological stop point. Investors are optimistic due to the Pectra upgrade and market rally. However, liquidation risks require attention.
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