If I told you that Ethereum could rise back to $3,000 in May, would your first reaction be: impossible? Or would you say, finally here?


On May 18, Ethereum surged over 3%, reaching a high of $2,550, triggering more than $22 million in short liquidations, with $7.5 million evaporating in just one hour. On the surface, the price is recovering, but behind it is a brewing price storm, and all signs point to one question: Is ETH's next stop $3,000 or $1,800?


What seems like a gentle rise is actually changing the rhythm.


This rise is not an isolated event, but rather the result of a simultaneous resonance of technical patterns, market sentiment, on-chain data, and institutional trends. According to CoinGlass data, the total liquidation amount in the cryptocurrency market on May 18 reached $158 million, of which $95 million was long positions, but the collective explosion of ETH short positions was the real signal.


Ethereum is currently retesting the key support level around $2,470. From a technical chart perspective, this is the support line of the previous 'bull flag' pattern. A close above this area could indicate that the market may confirm re-entering an upward channel, opening up space towards $3,000 or even $3,720 in the medium to short term.



The divergence has arrived: Is it $3,000 or $1,800?


Don't forget, the cryptocurrency market is never short of divergence and games.


  • Bullish views:

    The Ethereum chart shows a typical 'bull flag' - a common consolidation pattern before a major uptrend. If this pattern is valid, ETH's target price will head straight for $3,720, offering over a 50% upside from the current price.


    Additionally, the anonymous analyst 'Chimp of the North' suggests that Ethereum's downside may be limited to the $2,400 level. This price is considered strong support; if held, it could quickly rebound to $3,000-$3,300.


    On the other hand, on-chain indicators are also cooperating. The number of active addresses and contract interactions on the Ethereum blockchain is recovering, indicating that the fundamental support at the user level is still present.


  • Bearish warnings:

    Analyst Crypto Patel presents an opposing view, suggesting that ETH may retest $1,800. He points out that the current RSI indicator is slowly retreating from the overbought zone, indicating a weakening buying momentum. Without new external positive stimuli, ETH may fall into a deeper correction zone.




ETF, AI adoption, Pectra upgrade: The three mountains affecting ETH.


What makes the market unpredictable is not just technical analysis, but also the three major catalysts coming soon in reality:


  1. The Ethereum spot ETF is advancing, and once approved, it will release new institutional buying flows;


  2. AI Adoption is continuously growing, driving the demand for on-chain computational resources, and ETH, as the infrastructure, is expected to benefit;


  3. The Pectra upgrade is approaching, incorporating multiple technical improvements that will enhance Ethereum's scalability and developer experience, likely becoming a confidence booster.



These three factors are gradually strengthening the mid to long-term value logic of ETH. However, these logics have not yet fully reflected in the current price, and the market is still being pulled up and down in expectation games.



How to keep up with the market rhythm? Mlion.ai can help you avoid detours.


In the face of a market intertwined with bulls and bears, relying solely on scattered information from social media or KOL calls can easily lead to a 'buy high, sell low' death loop. Smart investors are now starting to use AI research tools like Mlion.ai to achieve true 'early detection' through the integration of on-chain data, candlestick patterns, sentiment indicators, and news events.


For example:


  • Want to determine if ETH will break below the $2,470 support? Use Mlion.ai's chart analysis feature to automatically identify key support and resistance levels.


  • Want to know if it's an entry point? Use AI market prediction models combined with ETF news, liquidation data, and social sentiment for a comprehensive assessment.


  • Worried about selling pressure above $3,000? Use the on-chain address tracking feature to analyze the behavior patterns of concentrated seller addresses.


  • Want to catch the low point before the next big liquidation? Open the news deep analysis to see clearly who is retreating and who is positioning.



Stop relying on 'feelings' and luck to trade cryptocurrencies; it's time to use data and AI to enhance decision-making efficiency.



In conclusion: The market script is not finished yet, but the direction is becoming clearer.


At the beginning of 2024, ETH was still struggling around the $2,000 mark, but now it has stabilized at $2,500. While $3,000 has technical pressure, it is slowly approaching due to technical patterns, positive fundamentals, and market consensus.


The question is not 'can it be done,' but 'when' it will arrive.


Experienced investors do not wait for everyone to say 'it's started' before jumping in; instead, they prepare at key support moments and execute quickly at the moment of 'technical confirmation.' This is exactly the core timing that Mlion.ai can help you grasp.


#ETH

Disclaimer: The above content is for informational sharing only and does not constitute any investment advice! Investing carries risks; please make prudent decisions.