Ethereum (ETH) is rising by 1.2% to $2,547 this week, tracking closely with the broader crypto market, where Bitcoin (BTC) is also gaining 1.2% to $105,826. The market remains largely influenced by ongoing geopolitical tensions in the Middle East, but Ethereum appears resilient. The altcoin surged 41% in early May, breaking through the key resistance at $2,500, and is now poised for a continued move to the upside. According to Coinglass data, significant long positions are being placed above this level, suggesting strong bullish sentiment.
However, a clear catalyst is needed to trigger the next leg up. A positive development could push ETH to the $3,000 level initially, with a potential extension to $3,500 — the midpoint of its current ascending channel.
