Ethereum (ETH) Price: Major Rally Takes Token Within Striking Distance of $3,000

TLDR:ETH price has surged nearly 45% over the past week, breaking the five-month downtrendThe $2,900 price zone acts as a strong attractor based on liquidation dataRecent whale movements show increased selling into centralized exchangesTechnical analysis suggests consolidation between $2,400-$2,700 before next moveETH has successfully reclaimed its macro range of $2,200-$3,900 lost earlier this yearEthereum has staged an impressive comeback, climbing nearly 45% in just one week. This powerful move has helped ETH break through multiple resistance levels and recapture price territory lost months ago.The second-largest cryptocurrency by market cap has been leading the altcoin charge. During ETH’s 45% rise, Bitcoin managed only a 7.9% increase.This performance gap caused Bitcoin’s market dominance to fall from 65.36% to 62.38% in less than a week. The broader altcoin market added $232 billion in value during this period.After hitting an 18-month low of $1,380 in April, Ethereum began showing signs of recovery. The real breakout came last Thursday when ETH smashed through the $2,000 resistance level.Since then, the cryptocurrency has claimed several key price zones, including $2,100 and $2,300. Over the weekend, it tested the $2,600 level, reaching a two-month high of $2,624 on Monday.As of the most recent data, Ethereum trades at $2,597, showing a 5% increase on the daily chart.Ethereum (ETH) PriceMarket Indicators Point HigherSeveral technical indicators support the bullish case for Ethereum. The On-Balance Volume (OBV) has reversed its year-long downtrend, showing buyers have taken control of the market.The Chaikin Money Flow (CMF) stands at +0.25, revealing substantial capital flowing into ETH. The Money Flow Index (MFI) continues to rise, confirming the positive momentum.Looking at liquidation data provides additional insight. The 6-month liquidation heatmap identifies $2,900 as a magnetic zone that seems likely to pull Ethereum’s price higher in the coming weeks.However, traders should exercise caution. Current liquidation maps show high leverage long positions are open, and a drop to $2,400-$2,500 could trigger widespread liquidations.This data suggests a possible downward move to hunt liquidity before any sustained push higher. Whale activity has increased recently, with larger holders depositing ETH into exchanges, often a sign of profit-taking.Market analyst Castillo Trading notes that Ethereum is “doing exactly what it should be. Taking some time to build a base at important levels before the next move.”$ETH doing exactly what it should be. Taking some time to build a base at important levels before next move.$2700-$2400 is still the range I am watching for us to trade in for a little bit of time. Some shakeouts in both directions before continuing its next leg up.#Ethereum https://t.co/pxieRtDGhG pic.twitter.com/AcKrjFnv2e— Castillo Trading (@CastilloTrading) May 13, 2025What Comes Next?ETH has officially reclaimed its macro range of $2,200-$3,900 that was lost in March. According to analyst Rekt Capital, this weekly close at $2,514 marks a key technical achievement.History suggests that ETH will “likely lift across the Range” over time, while “any dips, if needed at all, would only solidify $2200 as Range Low support,” according to the analyst.The cryptocurrency has successfully filled the $2,530-$2,630 Daily CME Gap created in March. Two smaller CME Gaps have formed at the $2,300-$2,400 and $2,100-$2,200 levels, which may be closed in the near future.Most analysts expect Ethereum to trade sideways for the next few days. The $2,400-$2,700 zone appears to be the likely trading range, with “some shakeouts in both directions before continuing its next leg up,” as one market watcher put it.For Ethereum to push beyond the psychologically important $3,000 level, several factors may need to align. Bullish Bitcoin movement and favorable macroeconomic conditions would help catalyze such a move.The 1-month liquidation heatmap shows a pattern of consolidation followed by upward movement. In early May, ETH consolidated around $1,800 before triggering short liquidations at $1,900 and pushing higher.A similar but less intense pattern may be forming now. Liquidity has built up near the $2,700 level, with ETH already claiming some of it.The Pectra upgrade has attracted interest from investors beyond the retail sector. However, this has coincided with increased selling pressure as whales deposit funds into centralized exchanges.The post Ethereum (ETH) Price: Major Rally Takes Token Within Striking Distance of $3,000 appeared first on CoinCentral.