Ethereum Eyes $4,570 as Bulls Test $2,624 Breakout—Or Is This Just Another Crypto Mirage?
Ethereum’s price action heats up as traders watch the $2,624 resistance like hawks. A clean breakout could trigger a 74% surge toward $4,570—technicals suggest the runway is clear, but since when did crypto follow logic?
Key levels to watch: The 200-day moving average coils just below current prices, while the RSI flirts with overbought territory. Meanwhile, Bitcoin maximalists are already shorting ETH ’on principle.’
Fueling the rally? Spot ETF whispers and that classic crypto FOMO cocktail. Just remember: Wall Street still can’t decide if blockchain is revolutionary tech or an elaborate tax dodge.
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.
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.
