TLDR
ETH has rallied nearly 47% in five days, reclaiming the $2,200-$3,900 macro range lost in March
Price recently broke above $2,700, reaching a two-month high of $2,736
Analysts expect ETH to potentially reach the $2,850-$2,900 range soon
Technical indicators show strong buying momentum with high capital inflows
The $2,900 region is identified as a strong magnetic zone based on liquidation heatmaps
Ethereum has shown remarkable strength over the past week, surging nearly 47% in just five days and outperforming Bitcoin significantly during this period. This rally helped ETH recover from its 18-month low of $1,380 reached in late April.
The second-largest cryptocurrency by market capitalization has broken through several key resistance levels in quick succession. ETH smashed past the $2,000 mark and continued upward through the $2,100 and $2,300 barriers.
Over the weekend, Ethereum tested the $2,600 resistance level before pushing even higher. Just hours ago, ETH crossed above $2,700, establishing a new two-month high of $2,736.
This recent performance comes after a lengthy downtrend throughout early 2025. The recovery has been powerful enough to reclaim the crucial $2,200-$3,900 macro range that was lost back in March.
Technical Outlook
The hourly chart shows a clear break above a bearish trend line with resistance at $2,450. This breakout paved the way for ETH to challenge higher levels.
Currently, Ethereum is trading above both the $2,640 level and the 100-hourly Simple Moving Average, indicating strong bullish momentum in the short term.
The On-Balance Volume (OBV) indicator, which had been in a steady downtrend throughout the year, has reversed course over the past month. This reversal suggests buyers have taken control of the market.
The Chaikin Money Flow (CMF) reading stands at +0.25, showing heavy capital inflows. The Money Flow Index (MFI) is also rising, further confirming bullish momentum and capital flow into Ethereum.
Short-Term Price Action
After reaching the $2,736 high, ETH has begun a minor correction. The price has dipped below the 23.6% Fibonacci retracement level of the upward move from $2,416 to $2,736.
Despite this small pullback, bulls remain active above the $2,620 mark. Short-term support can be found near $2,600, with a stronger support zone around $2,575.
If Ethereum fails to maintain these support levels, it could extend its correction toward $2,500 or possibly even $2,420.
Target Zones and Resistance
Looking ahead, Ethereum faces immediate resistance near $2,720, with the next key hurdle at $2,735. Breaking above these levels could push ETH toward the $2,750 mark.
Several analysts point to the $2,850-$2,900 range as the next significant target. This zone served as both support and resistance during the Q3 2024 pullback and Q4 2024 breakout.
The 6-month liquidation heatmap highlights the $2,900 region as a strong magnetic zone that should pull Ethereum higher in the coming days or weeks.
CME Gaps as Price Targets
Market analyst Rekt Capital noted that Ethereum has successfully filled the $2,530-$2,630 Daily CME Gap created in March.
$ETH
Ethereum has managed to fill the ~$2530 & ~$2630 Daily CME Gap (green box)
On the way up, ETH formed small CME Gaps at $2300-$2400 and a little lower
However, the $2300-$2400 one is the more important dipping area as it is also a Weekly CME Gap#ETH #Crypto #Ethereum https://t.co/Fi6Muu4Bsw pic.twitter.com/9DLxmDQmGB
— Rekt Capital (@rektcapital) May 13, 2025
Additionally, ETH has formed two smaller CME Gaps at the $2,300-$2,400 and $2,100-$2,200 levels. These gaps could potentially be filled during future corrections.
More interestingly, Ethereum has a Macro CME Gap between $2,900 and $3,350, suggesting that a surge toward these higher levels might be on the horizon.
Potential Consolidation Before Next Move
Several market watchers expect Ethereum to trade sideways before its next significant move upward. The $2,400-$2,700 zone may serve as a trading range for the upcoming days.
Analyst Castillo Trading commented that ETH is “doing exactly what it should be. Taking some time to build a base at important levels before the next move.”
This period of consolidation might include some volatility in both directions before Ethereum continues its upward trajectory.
Whales Taking Profits
Despite the strong rally, there are signs of increased whale selling activity. Data shows rising whale deposits into centralized exchanges, indicating some profit-taking at these higher levels.
Traders should be mindful of potential liquidity hunts to the downside. The liquidation map reveals high leverage long positions that would be wiped out if the price drops to the $2,400-$2,500 range.
As of this writing, Ethereum trades at $2,597, showing a 5% increase on the daily timeframe.
The altcoin’s strong performance has helped boost the broader cryptocurrency market, which has added $232 billion in value over the past week while Bitcoin dominance has decreased from 65.36% to 62.38%.
