Ethereum's price has surged significantly, approaching the key $3,000 level, driven by excitement around the upcoming Pectra network upgrade and substantial whale accumulation. Between May 7 and May 14, 2025, ETH rose by 52%, climbing to approximately $2,700. This rally has brought many holders back into profitability, with the price surpassing critical technical markers such as the realized price of $1,900 and the True Market Mean, signaling strong investor confidence.
Market indicators, including the Ethereum Fear and Greed Index at 69, reflect a broadly bullish sentiment. Notably, experts like Michaël van de Poppe have highlighted the potential for ETH to break out above $3,000, which would reinforce the positive momentum going into the summer months.
Concurrently, Ethereum is testing key support levels between $2,250 and $2,350. Analysts monitor this range closely, as sustaining it could enable a rally toward the $3,000 milestone. Whale activity supports this optimism, with a 3.2% increase in addresses holding 1,000 or more ETH, suggesting institutional-like accumulation.
While historical data indicates that Ethereum upgrades often coincide with price appreciations, caution remains due to occasional corrections following periods of extreme market greed. However, if the current support holds firm, the market may witness a continuation of the bullish trend, possibly benefiting related Layer 2 and DeFi projects.