It can be off by 1-2 Pounds and isn't very accurate.
That sounds about right. I had a ultrasound same week, my boy was estimated at 3.3lbs and they said he was big, in the 74th percentile.
You should be able to find charts of estimated fetal weight by gestational age online. The charts should also show low and high weights for the gestational age also.
I'm 35 and on my last appt. I was 28 wks. And 5 days and they estimated her weight at 2 lbs. And 12 oz.
Near term the margin of error can be over a pound.