currently exhibits a significant CME gap situated between the price levels of $2900 and $3100. For those familiar with market dynamics, the presence of such a gap often implies a potential future price movement to fill this void. This occurs because CME futures trading closes over the weekend, and if there's a substantial price difference upon reopening, it creates a 'gap' on the chart that traders often anticipate will be revisited.

Considering the current market conditions (as of May 16, 2025), approximate support and resistance levels for Ethereum can be observed around:

* Current Price: Approximately $2550 - $2600 (Note: This fluctuates rapidly)

* Immediate Support: Around $2500 - $2550. A break below this level could lead to further decline.

* Key Support Zone: $2450 - $2490. This area is considered a more significant support zone, and a drop below it might indicate a stronger bearish trend.

* Immediate Resistance: Around $2650 - $2700. Breaking above this could signal bullish momentum.

* Next Resistance Level: $2738, which was a recent local high. Surpassing this level might confirm a renewed uptrend.

Therefore, the large CME gap between $2900 and $3100 remains a significant point of interest for traders, suggesting a possible long-term target if bullish momentum persists. However, it's crucial to monitor the current support and resistance levels for short-term price action and potential reversals.