Ethereum (ETH) is gaining momentum again, climbing 5.6% in the last 24 hours to hit $2,666, with an impressive 64% gain in the past 30 days. As trading volumes spike and bullish sentiment takes hold, analysts are pointing to CME futures gaps near $3,200 as the next likely target.
CME Gaps Act as Bullish Magnet for Ethereum Price
CME (Chicago Mercantile Exchange) futures gaps form when the price of ETH opens significantly higher after a weekend close, leaving a “void” in the chart. Historically, these gaps are revisited and filled during future price movements.
Crypto analyst Titan of Crypto stated on X, “These gaps tend to get filled,” suggesting the current rally could extend to $3,200 to close the existing gaps. This theory aligns with past Ethereum price behavior, especially during high-momentum periods.
Breaking Key Resistance Zones
Renowned analyst Michaël van de Poppe added further bullish weight, saying on May 22, “Ethereum recently broke above the $2,400 resistance. I assume ETH will follow Bitcoin and move to $3,000+.”
However, there’s a cautionary tone among some traders. CryptosNewss reports that Ethereum might be “overheated,” as profit-taking spikes around $2,600. CryptoQuant’s on-chain data supports this with short-term indicators pointing to a potential cool-down before any new breakout.
Strong Fundamentals Support the Bull Case
Despite short-term volatility, the long-term outlook for ETH remains bullish. Data from Santiment reveals that less than 5% of Ethereum’s total supply is now held on centralized exchanges—the lowest in over a decade. This reflects strong HODLing behavior and reduced sell-side pressure.
In addition, institutional interest in Ethereum is back. Last week alone, ETH-linked investment products recorded $205 million in inflows, a trend likely fueled by renewed confidence following the Pectra upgrade.
Is Altcoin Season Brewing?
Market buzz is growing about a new altcoin season, with Crypto Rover attributing Ethereum’s momentum to a broader market shift. Chris Burniske, former crypto lead at ARK Invest, also noted ETH’s strength versus BTC as a strong signal for upcoming alt rallies.
Meanwhile, Daan Crypto Trades points to $2,850 as the next resistance zone, which, if broken, would likely open the door for a surge to $3,200, fulfilling Titan of Crypto’s gap theory prediction.
With Ethereum still 29% below its all-time high, the path to $3,200 remains technically and fundamentally supported — if market sentiment and institutional inflows continue.
Disclaimer: This article is for informational purposes only and does not constitute financial advice. Cryptocurrency investments are volatile and risky. Always conduct your research before making any investment decisions.
