Ethereum Eyes $4,637 as Price Climbs Past $2,590 – Is Wave 3 in Play?

 Ethereum Gains Momentum, Trades Over $2,590

On May 15, 2025, Ethereum (ETH) is holding above $2,590, marking a solid performance despite minor market fluctuations. Although ETH saw a slight 2.7% dip in the last 24 hours, it remains up over 50% this week — a clear signal that bullish sentiment is growing. This rise is supported by increased user activity, higher decentralized finance (DeFi) adoption, and continued interest in Ethereum staking and Layer 2 solutions. The consistent growth is catching the attention of traders who are now watching for higher resistance breakouts in the coming sessions.

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Wave 3 Formation: Can Ethereum Hit $4,637?

According to market strategists using Elliott Wave Theory, Ethereum seems to be in the early stages of the third wave — often the most powerful leg in a five-wave bullish cycle. Based on technical projections using Fibonacci extensions, the estimated target for Wave 3 is around $4,637. This projection reflects past patterns observed in previous Ethereum bull runs. If the price maintains its current direction and breaks through key resistances, ETH could approach or exceed this level in the coming weeks. The increased momentum is backed by rising trading volumes and positive investor sentiment across global exchanges.

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Key Levels: Where Are Support and Resistance Zones?

Ethereum is currently approaching a critical resistance zone near $2,700, which has previously halted upward movement. A decisive break above this mark could trigger the next leg higher. In contrast, strong support is found at $2,500, a level that has provided a base during recent pullbacks. If the price dips below this, the next safety net lies near $2,200, where long-term holders have shown strong interest. Watching how ETH reacts around these price points will help investors decide on entry or exit strategies in the short term.

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Market Perspective: Bullish Signals and Risks Ahead

The overall mood around Ethereum has turned optimistic, largely driven by increasing ecosystem developments. Activity on smart contracts, NFT platforms, and DeFi protocols is picking up again. Additionally, Ethereum’s continued dominance in the smart contract space adds to its long-term credibility. Some market experts are now even forecasting long-term highs of $10,000, provided key technical milestones are met. However, it’s crucial to note that macroeconomic trends, regulatory headlines, and sudden market shifts could cause unexpected price volatility. Investors are advised to manage their positions carefully.

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Final Thoughts

Ethereum’s recent move above $2,590 is a strong indicator that the bulls are gaining control. With a potential Wave 3 forming, the path toward $4,637 appears increasingly realistic. For traders and long-term investors alike, this could be a prime opportunity to monitor price action, key breakouts, and any signs of consolidation. The next few weeks will be pivotal in determining whether Ethereum continues its climb or faces short-term resistance.

Disclaimer: Cryptocurrency investments carry risk. Always do your own research before investing.