Ethereum (ETH) is gaining bullish momentum, fueled by growing trading volumes, positive community sentiment, and technical indicators pointing to a potential price breakout. With ETH currently trading around $2,666, up 5.6% in the last 24 hours and more than 64% over the past month, analysts are now eyeing a move toward $3,200, driven in part by unfilled CME futures gaps.
CME Futures Gaps Signal More Upside
According to crypto analyst Titan of Crypto, two unfilled CME futures gaps near the $3,200 level could act as a price magnet for Ethereum. These gaps—formed when ETH opened significantly higher after a weekend—are seen by many traders as strong indicators that the asset may revisit those levels to “fill” the price voids.
“These gaps tend to get filled,” Titan noted, reinforcing the idea that ETH’s rally may still have room to run.
This technical outlook is supported by historical trading behavior, where CME gap fills are often seen as high-probability events in both traditional and crypto markets.
Analysts Back Bullish Outlook
Well-known crypto trader Michaël van de Poppe also weighed in, stating on May 22 that Ethereum recently broke past the $2,400 resistance, and he believes it could be following Bitcoin’s upward path.
“I assume that Ethereum is following Bitcoin and will break to $3,000+,” he said.
Meanwhile, on-chain data from Santiment reveals that just under 5% of ETH is currently held on centralized exchanges—the lowest in over a decade—indicating strong holding sentiment and reduced sell-side pressure.
Caution in the Short Term
Despite the bullish outlook, some analysts warn of a potential short-term cooldown. Data from CryptoQuant shows that Ethereum is entering an “overheated state” due to rapid price action and recent profit-taking around the $2,600 level.
Still, long-term confidence remains high. Investment products tied to ETH saw $205 million in inflows last week, with institutional interest rebounding following the Pectra upgrade.
Altcoin Season and Market Momentum
Ethereum’s strong performance is also fueling speculation of an approaching altcoin season. Influencers like Crypto Rover and investors like Chris Burniske have highlighted ETH’s rising strength against BTC as a key signal for broader altcoin market rallies.
With ETH up 37.4% in the past 14 days, and still trading 29% below its all-time high, the next critical resistance level is at $2,850, according to analyst Daan Crypto Trades. A breakout above this point could clear the path toward the $3,200 price target aligned with CME gap fills.
