Ethereum (ETH) is showing strong momentum amid rising trading volumes, bullish community sentiment, and technical patterns hinting at a potential breakout to $3,200.

The world’s second-largest cryptocurrency by market cap has been on a tear lately, climbing 5.6% in the last 24 hours to reach $2,666, with a 30-day gain of more than 64%. This surge has reignited discussion around key price targets, particularly two unfilled CME futures gaps near the $3,200 mark.

CME Gaps and the $3,200 Target

According to pseudonymous crypto trader Titan of Crypto, such gaps “tend to get filled,” implying ETH’s rally might be far from over. The technical rationale behind his claim finds support in historical price behavior, where such voids often act as a magnet for future price action.

These differences are usually created when the market starts a new week significantly higher than it closed the previous week. Ethereum, which is currently riding a wave of bullish momentum, appears to be targeting these levels next, provided it can overcome key resistance zones.

Analyst Michaël van de Poppe weighed in on May 22, noting that the crypto asset recently cleared the $2,400 resistance zone. “I assume that Ethereum is following Bitcoin and will break to $3,000+,” he said, highlighting the correlation between the two.

Nonetheless, some market watchers are arguing caution. As CryptoPotato recently reported, ETH has entered an “overheated state” following intense trading activity and profit-taking near $2,600. According to on-chain data from CryptoQuant, the altcoin may face a short-term cooling period before resuming its upward trajectory.

Despite the potential pause, there is still strong long-term conviction, with Santiment data showing less than 5% of ETH is now held on centralized exchanges, the lowest level in more than 10 years. Additionally, last week, investment products linked to the token saw inflows worth $205 million, signaling renewed institutional confidence following the Pectra upgrade.

Altcoin Season on the Horizon?

Meanwhile, the crypto community is buzzing, with YouTuber Crypto Rover linking Ethereums latest uptick to an impending altcoin season. Chris Burniske, who formerly headed ARK Invest’s crypto division, also pointed to ETH’s strength against BTC as a trigger for alt rallies.

The cryptocurrency’s recent performance shows a 37.4% gain over 14 days, accompanied by a 64% surge in the past month, which still leaves it more than 29% below its all-time high. According to digital asset investor Daan Crypto Trades, Ethereum’s next critical resistance is at $2,850, a level that, if broken, could pave the way for the $3,200 CME gap fill predicted by Titan of Crypto.