Explore how this analyst who predicted Ethereum’s exact price target a month ago is forecasting a drop before ETH can revisit $3,000.
After nailing Ethereum’s (ETH) exact price target, RektProof reveals why a short-term correction could set the stage for a run to $4,000—and the key levels traders must watch.
The $2,700 Call That Proved Ethereum’s Bull Case
On April 11, as Ethereum (ETH) price traded at $1,528, crypto analyst RektProof made a definitive prediction:
“This is the area that you want to get positional longs or buy spot. Willing to bet my rep that we see $2,700 soon.”
One month later to the day, ETH peaked at $2,738—validating the forecast with precision. Now, the same analyst warns of a potential 22% drop to $2,100 before Ethereum resumes its uptrend toward $3,200+. With such a bullish Ethereum price prediction, let’s explore why there is a need for a pullback before new highs.
Why ETH Price Needs a Pullback Before New Highs
RektProof’s latest charts show ETH forming a bullish higher low near $2,100–$2,200 relative to the May 1st week’s $1,752 swing low. Despite the recent drop in Bitcoin price, ETH trades today around $2,280. This shows a classic bullish market psychology:
Healthy Consolidation: The 78% rally from the third week of April needs correction to shake out weak hands or late bulls.
Liquidity Hunt: A dip to $2,100 would target stop-losses below recent supports between $2,400 and $2,200 before catalyzing a reversal.
Technical Setup: The 200-day MA is serving as resistance around $2,700. A rejection here toward the 50-day MA at $1,868 or the $2,000 psychological level makes sense.
Here are some key support levels that investors can pay close attention to:
A high-volume demand zone between $2,200 and $2,100, which is ideal for spot buying.
A dip down to the $1,752 level is a must-hold level to maintain the higher timeframe bullish structure.
A rebound from the aforementioned support could trigger an initial rally to the $3,000 psychological barrier before attempting a retest of $3,200 as suggested by RektProof.
If Ethereum price clears this breakout phase, it is likely to target $4,000 to $4,100. This contains equal highs formed in 2024 and resting above these swing highs are buy-side liquidity. Hence, a sweep of this level could be an attractive proposition that pushes ETH higher.
“Overall bullish for one more major leg up on the market but I need bid areas to scale some swing longs,” says RektProof.
The analyst adds that range formation after a massive rally like Ethereum’s will help in knowing “what to bid” before the next leg up.
Fundamental Tailwinds: ETFs and Fed Policy
Apart from Ethereum price action, the fundamentals of ETH are also looking good with $66.25 million in spot ETF inflows. This is a considerable improvement considering March’s $403 million outflows.
Another massive tailwind for Ethereum is the macro shift after the recent CPI print came in at 2.4% lower than expectations. As a result, investors are expecting a Fed rate cut announcement in the next meeting, which has historically been bullish for crypto.
Trading Strategy for US Investors
Short-Term: Watch $2,400 as interim support; break below opens path to $2,100.
Long-Term: Accumulate near $2,100–$2,200; target $3,200+ post-consolidation.
Catalysts: Fed rate cut announcements in the next meeting.
Why This Analysis Matters
With Ethereum price establishing a clear technical pattern and fundamental catalysts aligning, the coming weeks present a strategic opportunity for investors watching the second-largest cryptocurrency. While May ETF flow data remains underwhelming, the combination of improving technical indicators and favorable macroeconomic conditions suggests Ethereum may be establishing the foundation for sustained appreciation after its expected near-term pullback.
Should ETH follow the projected path through consolidation and subsequent breakout above $3,200, the asset would be positioned to challenge its previous all-time high and potentially establish new record valuations in the months ahead.
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