- Ethereum jumped 61.5% in 30 days, surpassing Bitcoin, now trading above $2,500.
- CryptoQuant data shows Ethereum volume shifted from Cooling to Overheating, hinting at a pullback.
- However, trader sees repeated “Golden Cross” pattern, suggesting it could rise toward $3,000.
Ethereum is currently showing signs of fatigue after a month-long price surge, and analysts are pointing to a potential short-term pullback. Since mid-April 2025, the second-largest cryptocurrency has climbed sharply, fueled by increased trading activity. Its price recently crossed the $2,500 mark, but this rally now appears to be entering a critical phase.
Data from CryptoQuant suggests that the market may be overheating. Contributor ShayanMarkets explained this through a bubble chart that reflects trading volume on all exchanges. Bubble size indicates the volume, while color shows how fast that volume is changing—ranging from Cooling to Highly Overheating. Ethereum’s bubbles have turned red, signaling a sharp rise in trade activity that could precede a cooldown.
In just under a month, the chart shows Ethereum’s volume status shifting from Cooling (green) to Overheating (red). The implication here is a likely short-term correction as the market pauses. However, the exact depth and length of this pullback remains unclear.
Mid-Term Outlook Hangs on Market Demand
ShayanMarkets links the current spike in trading activity to profit-taking behavior around the $2,500 level, a psychologically significant price point. A large amount of supply seems to be sitting at this level, causing some resistance for further gains.
He added, “Ethereum is expected to continue its consolidation phase until fresh demand emerges to drive a breakout above this resistance range in the mid-term.”
Despite looming concerns, the recent numbers are strong. Ethereum is up 61.5% over the past 30 days, beating Bitcoin in that period, according to TradingView data. The surge has placed the coin well above the 100-hourly Simple Moving Average, further supporting a bullish stance in the short term.
Technical trader “Merlijn The Trader” also expressed optimism. He said the setup is repeating the same “Golden Cross” pattern that previously triggered a strong price rally. “The last Golden Cross sent $ETH flying. Now it’s flashing the same setup again.” he noted, implying a move to $3,000 is possible if the trend holds.
Key Resistance and Support Levels in Focus
Ethereum now faces resistance near the $2,585 level, with a major hurdle at $2,620. If it breaks above $2,620, it could move toward $2,650. If momentum builds, the next targets could be $2,720 and possibly $2,800 in the near term.
If Ethereum doesn’t manage to pass $2,620, a decline could follow. Initial support lies at $2,500, which also aligns with a trend line. The main support level is at $2,250. A move below that could push it down toward $2,420, and in more bearish conditions, even to $2,320. The lowest key support currently sits at $2,250.
On the technical side, the hourly MACD shows Ethereum gaining momentum in the bullish zone. The RSI is above 50, suggesting the current trend still has momentum. These indicators suggest that while a pullback is possible, the overall structure remains constructive.
The coin’s next moves will likely depend on how the market absorbs the current price level and whether fresh buyers step in. A cooling-off period might be just what’s needed before the next breakout attempt.
Read More | Stablecoin Market Skyrockets to $231B But Growth Momentum Slows
