Ethereum has surged past $2,700 with a 92% rally over the past 35 days. Will the rounding bottom pattern drive ETH to $4,000?Outperforming Bitcoin, Ethereum surpassed the $2,700 mark with a 7% surge on May 13. Currently, it is trading at $2,671, entering a breather phase with an intraday pullback of 0.33%.With the overnight recovery, Ethereum is inching closer to a potential rounding-bottom breakout rally. Could this breakout send the ETH price to the $4,000 mark?Ethereum Price AnalysisBouncing off the $1,383 low formed on April 9, Ethereum has risen by nearly 92% in just 35 days. This bullish recovery has pushed the price above the 200-day EMA at $2,436 and is now challenging the 50% Fibonacci retracement level near the psychological resistance of $2,700.Ethereum Price ChartThanks to this recovery, Ethereum has broken out of a falling channel pattern, effectively ending the bearish trend that began in December 2024. Moreover, with the 50% Fibonacci level acting as the neckline, ETH is forming a rounding bottom pattern.Rising bullish momentum has driven the RSI into the overbought zone, supporting this breakout trend and indicating strong buying pressure. Additionally, the 50and 100-day EMA lines are on the verge of a bullish crossover. This signals a potential short-term trend reversal and increases the likelihood of a golden crossover.If ETH achieves a decisive close above the 50% Fibonacci level at $2,699, a breakout could occur. The bullish target, based on adding the depth of the pattern to the neckline, points to the 100% Fibonacci level near $4,000. This suggests a potential 50% upside as the bull run continues.On the downside, crucial support for ETH lies at the 200-day EMA at $2,436.Bullish Narrative Grows Stronger in Ethereum FuturesDerivative traders are betting big on Ethereums continued rally. According to CoinGlass data, Ethereum open interest has surged by nearly 17%, reaching an all-time high of $33.12 billion.Ethereum Derivatives Data AnalysisFurthermore, the funding rate, now at 0.0088%, signals heightened bullish activity. A sharp increase in short liquidations amounting to $113 million in the past 24 hours reinforces the bullish sentiment. Together, these metrics support the likelihood of a breakout rally in Ethereum futures. Analyst Highlights Key Breakout, Sets Target at $3,033REKT Capital maintains a bullish outlook on Ethereum. The analyst notes the surge in futures, with ETH surpassing the daily CME gap between $2,530 and $2,630.A daily close above this zone would fully reclaim the CME gap and restore a bullish trend. Ethereums next target is the CME gap between $2,892 and $3,033.https://twitter.com/rektcapital/status/1922369889823506507/
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