Bulls Aim for $2,650 as Breakout Gains Momentum

After spending much of last week locked in a sideways range, the Ethereum price today is trading near $2,576, nudging higher within a gradually tightening bullish pennant on the 4-hour timeframe. The Ethereum price action shows a convincing rebound from the $2,470–$2,495 demand zone, backed by improving indicators and fresh interest across spot and derivatives markets. With ETH now pressing against a key descending trendline resistance, the question is: Why is Ethereum price going up today and can bulls push toward the $2,650 and $2,713 levels in the coming sessions?

What’s Happening With Ethereum’s Price?

On the daily chart, ETH remains structurally bullish after its explosive breakout from $1,920 earlier this month. Price has now reclaimed the critical $2,550 pivot level and is consolidating beneath a confluence of resistance near $2,600–$2,620, which overlaps with prior supply zones from late March. Notably, ETH remains well above its long-term downtrend line from the 2024 highs, flipping it into support in early May. The trendline break on May 15, followed by the rapid surge toward $2,800, marked the first confirmed shift in medium-term momentum.

Ethereum price forecast (Source: TradingView)

The latest Ethereum price update also shows an ongoing breakout attempt from a symmetrical triangle visible on the 4-hour chart. Bulls are looking to invalidate the lower highs while the volume gradually builds. If successful, the breakout could unlock upside toward the $2,713 local top, with further extension possible toward $2,820–$2,880.

Momentum Indicators Signal Renewed Strength

Ethereum price forecast (Source: TradingView)

Momentum signals are aligning in favor of buyers. On the 30-minute and 4-hour charts, the RSI is approaching the 65–68 region but still below overbought levels, suggesting more room for price extension. MACD remains in bullish crossover territory with rising histogram bars and sustained divergence above the signal line, supporting upward continuation.

Ethereum price forecast (Source: TradingView)

Bollinger Bands are beginning to widen after a tight squeeze, indicating that Ethereum price volatility is about to increase—typically a precursor to a directional move. ETH has also reclaimed all major short-term EMAs (20/50/100) on the 4-hour chart and is now holding above the upper Bollinger mid-line, reflecting growing short-term bullish control.

Ethereum price forecast (Source: TradingView)

On the Ichimoku chart, ETH is trading cleanly above the cloud on the 30-minute timeframe, with the Tenkan-sen and Kijun-sen lines showing a bullish cross and a rising lagging span. This confirms that the current push is supported by multi-timeframe momentum.

Support Retests and Fib Levels Offer Structure for Next Move

Ethereum price forecast (Source: TradingView)

Looking at broader levels, the weekly Fibonacci retracement from the $4,105 high to $1,385 low places the 0.382 level around $2,474, which acted as strong support this week. The 0.5 level at $2,745 remains the next logical upside target should ETH break above the $2,600–$2,620 confluence.

Immediate support is now seen at $2,513–$2,495, where bulls defended aggressively during Friday’s retracement. Further below, the $2,470 and $2,420 zones offer deeper structural support before the breakout base at $2,200 comes back into play.

If bulls clear the $2,620–$2,650 ceiling, the next Ethereum price spike could extend toward the 0.5 Fibonacci retracement level at $2,745, followed by $2,820–$2,880. On the flip side, failure to sustain above $2,550 may expose ETH to a retest of the $2,495 zone.

Short-Term Ethereum Price Forecast: Cautious Optimism Toward $2,650

Ethereum price forecast (Source: TradingView)

The Ethereum price today shows a bullish lean, supported by short-term momentum indicators and consistent reclaim of key support levels. However, the $2,600–$2,620 ceiling remains a decisive barrier for the bulls. A confirmed breakout above this zone, especially on high volume, could fuel a swift move toward $2,713 and higher.

Until then, traders should monitor for fakeouts and potential intraday rejections. As long as ETH holds above $2,495, the overall structure remains bullish.

In summary, the Ethereum price is building strength beneath a key breakout level as bulls test $2,600 once again. With multiple indicators flashing positive signals and the broader structure supporting higher highs, ETH appears poised for a potential breakout. The next few sessions could determine whether May ends with ETH back above $2,700—or whether another cooldown sets in.