Ethereum Price Eyes $3,000 as 67 Million ETH Nears Profitability

Airdrop Is Live CaryptosHeadlines Media Has Launched Its Native Token CHT. Airdrop Is Live For Everyone, Claim Instant 5000 CHT Tokens Worth Of $50 USDT. Join the Airdrop at the official website, CryptosHeadlinesToken.com Ethereum (ETH) price gains momentum with the broader market surge, recording almost a 40% rally last week. As ETH price crosses $2,500, 6.61 million investors are about to witness their Ethereum portfolio turning green. Amid increased short liquidations wiping out ETH bears, an additional 3% jump could shake out almost $800 million of bearish positions. Could Ethereum bounce back to $3,000, fueled by almost 67 million ETH turning profitable and forced exits of sellers? Ethereum Price Surge Reclaims $2,500, Marks Key Pattern BreakoutRapid Ethereum price surge from $1,812 to $2,584 between May 8 and May 10 created three consecutive bullish candles, accounting for a 42% surge. This pattern is known as a triple white soldier, a strong bullish signal reflecting increased buying pressure. The shift in price trend fulfills the rising anticipation of a stronger comeback and a sustained Ethereum bull run. Starting from the two-year low at $1,386 during the tariff wars, the reversal run exceeded the March 2 peak at $2,517, completing a “U” shape on the chart. This is known as a rounding bottom pattern, signaling a trend reversal. As Ethereum holds above $2,500, bulls anticipate a breakout from this pattern followed by a rally. The price target is estimated by adding the “U” shape’s depth to the breakout point, hinting at an 81% jump to $4,570. This aligns with the Ethereum price prediction, forecasting a major spike in 2025. Additionally, ETH price trades above the 200-day Exponential Moving Average (EMA), marking a key pivot in the bullish trend, hinting at an extension. The trend momentum surge backing Ethereum’s rally drives the Relative Strength Index (RSI) into the overbought zone, indicating strong buyer dominance. However, it also warns of short-term corrections. Ethereum price chartOn the flip side, if Ethereum drops below the key support confluence of the 200-day EMA and 50% Fibonacci level near $2,430, the uptrend will be nullified. A possible breakdown could retest the 100-day EMA at $2,144. A 3% Move Risks Huge Liquidation Risks for EthereumWith Pectra’s upgrade and broader market rally fueling Ethereum’s turnaround, ETH short positions are at great risk. The ETH Exchange Liquidation Map by Coinglass shows a cumulative short liquidation leverage of $786M at $2,586. Hence, if the bull run continues by an extra 3%, forced exit of massive bearish positions could trigger a short squeeze. ETH Exchange Liquidation MapConversely, a $715 million long liquidation risk stands at $2,438, a near 3% drop from current ETH price. Hence, a 3 % move on either side could result in a sharp directional move in Ethereum. Will 6.61 Million Investors Turn Profitable Today?Amid the surging Ethereum price, IntoTheBlock’s Global In/Out of the Money (GIOM) data shows 6.61 million investors are close to turning their 66.96 million ETH supply profitable. The investors’ purchase price extends between $2,360 and $2,557 with an average price of $2,462. As the uptrend crosses above the break-even point, a crossing above $2,557 will officially tag the near 67 million supply as profitable. This could reinforce the ongoing bullish trend, creating a strong support zone. Global In/Out of the Money (GIOM)In conclusion, a potential leverage-driven rally overlapping with 67 million supply turning profitable could skyrocket ETH prices. Based on the technical chart, the breakout rally targets $4,570; the $3,000 psychological mark could be a critical pit stop.Frequently Asked Questions (FAQs) ETH price surge above $2,500 marks a key technical breakout backed by a rounding bottom and triple white soldier pattern, suggesting sustained bullish momentum. It boosts investor confidence and forms a strong support zone, likely reinforcing the ongoing uptrend. A 3% move in ETH price risks triggering $786M in short liquidations or $715M in long liquidations, potentially leading to a sharp price swing. ✓ Share: Coingape Staff CoinGape comprises an experienced team of native content writers and editors working round the clock to cover news globally and present news as a fact rather than an opinion. CoinGape writers and reporters contributed to this article. Disclaimer: The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.Source link