According to Cointelegraph, Ethereum's TVL surged 41% in 30 days to $52.8 billion, with daily trading volume increasing 22% to 1.34 million transactions, indicating a strong network recovery. ETH price faces major resistance between $2100 and $2800.
After ETH price broke above the $1600 downtrend line on April 22, the 50-day moving average at $1775 has become support. The relative strength index rose from 56 to 66, indicating an increase in bullish momentum. The target price is $3000.
Analyst Crypto Claws believes ETH/USD is ready for a bullish reversal, with a target price between $2500 and $3500. Crypto Salamanca suggests that ETH could reach $2150-$2700 in the coming weeks.
Ethereum on-chain metrics show strong performance, with TVL rising from $44.5 billion on April 9 to $52.8 billion on May 8. Nevertheless, Ethereum fees have dropped 95% year-to-date, which may slow the pace of ETH rising to $3000.
