Ethereum broke above key resistance and reached $2600 which completed the February CME price gap.
Price jumped after bouncing near $1800 and now the next open gap near $3200 may attract strong buyers.
Traders are watching closely because the $3200 target could be reached if momentum stays above $1800.
Ethereum (ETH) has officially filled the February CME gap around $2,600, marking a pivotal moment in its price trajectory. According to chart analysis shared by crypto analyst Anup Dhungana, ETH is now positioned above the critical $1,800 level. The remaining January CME gap, located near $3,200, is still open and could signal the next bullish target.
SOurce: X CME Gap Filled: What It Means for Ethereum’s Price Action
The chart reveals a strong technical breakout from a long-term downtrend. Ethereum previously struggled beneath a descending resistance line, marked clearly with multiple rejection points. Each rejection acted as confirmation of bearish sentiment, especially during mid-2024.
However, in early April 2025, ETH pierced the trendline with strength. This breakout occurred near the $1,800 support zone, which has historically served as a strong demand area. The breakout was followed by an aggressive move upward, rapidly filling the CME gap at $2,600.
Filling a CME gap often signals a return to market equilibrium. Gaps like this are frequently used by traders to predict future price targets. The $2.6K level was considered a high-probability magnet zone. With this level now filled, traders are watching closely to see if momentum continues toward the $3.2K January gap.
Strong Support, Bullish Patterns, and Breakout Confirmation
Technical indicators on the chart show confluence around the $1,800 level. This zone acted as solid support and was the launchpad for the current rally. A distinct double-bottom pattern near this level suggests accumulation and a bullish reversal.
Price action confirms this theory. After breaking the descending resistance, ETH quickly surged with minimal retracement, highlighting bullish strength. The bullish engulfing candles on the chart further confirm buying pressure is dominant.
Moreover, gaps on the CME chart tend to get filled due to institutional trading behavior. The fact that ETH has now filled the February gap suggests high activity and interest at these levels. Historical patterns indicate that the January gap at $3,200 may become the next target.
Volume also increased significantly during the breakout, which supports the strength of the move. Higher volume breakouts tend to have longer-lasting trends. If ETH sustains this pace, a test of the $3,200 level appears increasingly likely.
Will Ethereum Fill the $3,200 Gap Next?
The remaining question now is: can Ethereum push forward and close the gap near $3,200? If ETH manages to maintain current momentum, this move is technically plausible. The price is consolidating just below minor resistance after a significant impulse move. Gaps tend to pull price like magnets in the absence of strong resistance.
The chart also shows the January gap as unfilled, with a clear path for continuation. While short-term resistance remains at $2,750, bulls appear firmly in control. The absence of strong overhead resistance and increasing market sentiment point toward continued upward movement.
According to Anup Dhungana, ETH’s technical structure remains bullish as long as it holds above the $1,800 support. If this level is defended, the road to $3,200 could open rapidly. Given recent price behavior and market reaction, traders and investors are watching closely for Ethereum’s next move.
