Analyst: CME futures gap may drive ETH soaring above $3200.

Ethereum has shown strong performance recently, rising 4% in the past 24 hours to reach $2,673, with a 30-day increase of over 49%. This surge has sparked discussions around key price targets, particularly concerning the two unfilled gaps in the CME futures market near $3,200.

Cryptocurrency trader Titan of Crypto stated that such gaps "often get filled," implying that the upward momentum of ETH may be far from over. In historical price behavior, such gaps often become magnets for future price movements, typically occurring when the weekly opening price is significantly higher than the previous week's closing price. Currently, Ethereum is in a bullish momentum, and if it can break through key resistance levels, the next target may aim for this gap.

Analyst Michaël van de Poppe pointed out that Ethereum recently broke through its previously mentioned resistance level of $2,400. Therefore, he believes that this cryptocurrency asset will follow in Bitcoin's footsteps and break above $3,000.

Nevertheless, some market observers still advocate caution. According to on-chain data from CryptoQuant, ETH has entered an "overheated state" after a surge of trading activity and profit-taking around the $2,600 mark. Therefore, this altcoin may face a short-term cooling period before regaining an upward trajectory.

Despite the potential for a cooling-off period, the market remains confident in the long-term trend of ETH. Data from Santiment shows that the amount of ETH held by centralized exchanges is currently below 5%, the lowest level in over a decade.

According to CoinShares weekly report data, last week the inflow amount of global investment products related to ETH reached 205 million USD, indicating that institutional investors' confidence has somewhat recovered since the Pectra upgrade on May 7.

At the same time, the cryptocurrency community is linking Ethereum's latest rise to the upcoming altcoin season, believing that the strength of ETH/BTC is the trigger for the rise of altcoins.

What do you think? If the price of Ethereum breaks above $3200, does it indicate the arrival of the altcoin season?

#以太坊价格预测 # CM Futures Gap #Altcoin Season