Ethereum has skyrocketed above $2,700 at 92% of rallies over the past 35 days. Does a rounded bottom pattern drive ETH to $4,000?
Ethereum, which surpassed Bitcoin, surpassed the $2,700 mark on May 13, surged 7%. It is currently trading at $2,671, with Inter Aday Pullback in the breather stage at 0.33%.
By recovering overnight, Ethereum is approaching a potential round bottom breakout rally. Can this breakout send ETH prices to $4,000?
Ethereum price analysis
Ethereum, which bounced back a low of $1,383, formed on April 9, rose almost 92% in just 35 days. This bullish recovery has led to prices being $2,436 above the 200-day EMA and challenging a Fibonacci retracement level of 50% near a psychological resistance of $2,700.
Thanks to this recovery, Ethereum has split from a calm channel pattern, effectively ending the bearish trend that began in December 2024. Additionally, the ETH forms a round bottom pattern, as a 50% Fibonacci level acts as a neckline.
With a strong bullish momentum, RSI supports this breakout trend, showing strong purchasing pressure. Additionally, the 50- and 100-day EMA lines are on the verge of bullish crossovers. This shows a potential short-term trend reversal, increasing the chances of a golden crossover.
A breakout could occur if ETH achieves a critical closure above the 50% Fibonacci level at $2,699. Bullish targets based on adding pattern depth to the neckline refer to 100% Fibonacci levels, close to $4,000. This suggests a potential 50% upside as the bull run continues.
On the downside, key support for ETH is $2,436 for a 200-day EMA.
Bully tales become stronger in the future of Ethereum
Derivative traders are putting a big bet on Ethereum’s ongoing rally. According to Coinglass data, Ethereum’s public interest rose almost 17%, reaching an all-time high of $33.12 billion.
Ethereum Derivative Data Analysis
Furthermore, the current funding rate of 0.0088% indicates increased bullish activity. The sudden rise in short liquidation, reaching $113 million in the last 24 hours, strengthens bullish sentiment. Together, these metrics support the potential for breakout gatherings on Ethereum futures.
Analyst highlights key breakouts and sets targets at $3,033
Rekt Capital maintains a bullish outlook on Ethereum. Analysts are paying attention to the surge in futures that surpass the daily CME gap between $2,530 and $2,630.
Daily closures above this zone completely regain the CME gap and restore bullish trends. Ethereum’s next target is the CME gap between $2,892 and $3,033.
$ eth
Ethereum completely filled the daily CME gap (green box) of ~$2530 and ~$2630
Close over Green and Ethereum every day to try and retrieve this CME gap again to new dynamic support. #eth continues to be an additional trend #crypto #ethereum https://t.co/es73ah2ca8 pic.twitter.com/shpsjudx3
-Rekt Capital (@RectCapital) May 13, 2025