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.

Ethereum (ETH) price clocked almost a 40% rally last week, joining the broader market surge. This move pushed ETH/USD above the $2,500 mark. At the same time, 6.61 million investors are about to witness their Ethereum portfolio turning green.

The crypto price prediction models anticipate a major spike in 2025. But, could this be an early glimpse as the bulls rack up gains? Well, amid the unfolding scenario, a triple white pattern completed on Friday.

This signaled a strong bullish signal, highlighting increased buying pressure. The shift in price trend also 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 has seen an interest rate hike bottom at $1,330 during the last quarter of 2022. Later, it crossed 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.

On the flip side, if Ethereum drops below the key support confluence of the 200-day EMA and 50% Fibonacci level, now around $2,430, then the uptrend will be nullified. A possible breakdown could retest the 100-day EMA at $2,144.

Pectra's upgrade and broader market rally are putting great risk on ETH short positions. As the Exchange Liquidation Map by Pectra shows, there's a cumulative short liquidation leverage of $786M at $2,586. So, if the bull run continues by an extra 3%, then forced exit of massive bearish positions could trigger a short squeeze.

Conversely, a $715 million long liquidation risk stands at $2,438, a near 3% drop from current ETH price. This brings the total leveraged positions at risk to $1,501M. Hence, a 3 % move on either side could result in a sharp directional move in Ethereum.

If the current price trends continue, then the bulls might face strong resistance at $3,040, where nearly $490M in long positions are set to be liquidated. But, if the bears manage to defend the key support at $2,430, then they could regroup at $2,144. This is where the 100-day EMA provides support, and an additional $394M in long positions are threatened.

At present, the market participants are focused on the upcoming breakout of the rounding pattern, which could drive the price towards the 38.2% Fibonacci level at $3,764. A steeper move could slice through this resistance and test the 50% Fibonacci level at $4,570.

While the technical analysis provides valuable insights, it's crucial to consider the broader market dynamics and macroeconomic factors that could influence Ethereum's price trajectory.

As the Ethereum price surges, Invictus Capital highlighted that 6.61 million investors are closely watching the unfolding scenario.

According to IntoTheBlock's Global In/Out of the Money (GIOM) data, the investors' purchase price ranges between $2,360 and $2,557, averaging at $2,462. This includes a whopping 66.96 million ETH supply.

As the uptrend crosses above the break-even point, a glance at the chart shows that the price is currently testing the upper limit of this buying collective. A cross 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.

However, if the price faces strong selling pressure and drops back below $2,360, it will encounter another batch of 28.48 million ETH, purchased by 4.88 million investors at an average price of $2,297