TLDR
- Ethereum price rallied over 5% from $2,460 support, reaching $2,711 before facing resistance at $2,720
- Options market shows only 12% chance of ETH reaching $5,000 by December 2025 according to Amberdata
- Retail traders target $3,000 by month-end while institutions expect $3,500 by June
- Open interest in ETH options has returned to December highs at $35 billion despite low volatility
- Technical analysis shows key resistance at $2,720 with support forming at $2,575 trend line
Ethereum price has staged a recovery from the $2,460 support level, gaining over 5% in recent trading sessions. The token found solid footing at this key support zone before beginning a fresh upward move.
ETH successfully broke above the $2,550 and $2,620 resistance levels during its rally. The price momentum carried the token even higher, surpassing the $2,650 level before encountering selling pressure.
Bears became active near the $2,720 resistance zone, causing the price to pull back. The correction saw ETH trade below the $2,700 level as profit-taking occurred at higher prices.
The pullback found support above the 23.6% Fibonacci retracement level of the upward move. This retracement was measured from the $2,463 swing low to the $2,711 high, showing healthy consolidation.
Ethereum currently trades near $2,580, close to the 100-hourly Simple Moving Average. A new connecting bullish trend line has formed with support at the $2,575 level on the hourly chart.
Technical Resistance Levels
The next upside target sits at the $2,680 level, followed by the key $2,720 resistance. A clear break above $2,750 could open the path toward $2,800 resistance.
Should ETH manage to break above $2,800, further gains toward $2,880 or even $2,920 become possible. These levels represent the next upside targets in the near term.
On the downside, initial support lies at $2,620, with major support at $2,580. This support zone aligns with the 50% Fibonacci retracement of the recent upward move.
A break below $2,580 could push the price toward $2,520 support. Further weakness might send ETH back to the $2,460 support level where the recent rally began.
The hourly MACD indicator shows momentum is losing steam in the bullish zone. However, the RSI remains above the 50 level, indicating underlying strength.
Options Market Activity
The derivatives market is showing renewed interest in Ethereum options despite conservative price expectations. Open interest has climbed back to December highs when market sentiment was more optimistic.
According to Amberdata, the options market prices only a 12% chance of ETH exceeding $5,000 by December 2025. This conservative outlook reflects broader uncertainty about Ethereum’s trajectory.
Retail and institutional traders have different price targets for the coming months. On-screen retail traders are betting on $3,000 by the end of May, while institutions target $3,500 by June.
Volatility remains inexpensive despite the increased appetite for options trading. This disconnect suggests traders are positioning for moves while keeping expectations measured.
The total open interest for Ethereum derivatives stands at approximately $35 billion, up 8.8% according to CoinGlass data. ETH’s open interest-weighted funding rate remains positive, indicating continued demand.
Ethereum has gained roughly 4% over the past week, currently trading around $2,647 according to CoinGecko data.
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