With Ethereum ($ETH) price consolidating below a crucial resistance level of around $2,380 on May 5, trading expert Ali Martinez has issued a bold near-term prediction.
Martinez predicted that Ethereum price could rally to retest $3,000 if it consistently breaks above $2,380. The bullish thesis is bolstered by renewed interest for $ETH from whale investors at this key barrier, which represents its realized price – the average price at which every token last moved on-chain.
“With whales on a buying spree, accumulating over $300 million in $ETH in the last few days, the smart money is positioning for a breakout. Watch the $2,380 resistance; a confirmed daily close above it could trigger the run to $2,921 or even $3,000,” Martinez noted.
Top reasons why Ethereum price could surge soon
As Martinez highlighted, the $ETH price could rally towards $3,000 soon, fueled by renewed interest from whale investors. Building on this point, the United States spot $ETH exchange-traded funds (ETFs) turned green for the first time year to date in April.
Notably, the U.S. spot $ETH ETFs recorded a net cash outflow of more than $2.8 billion between November 2025 and March 2026. However, these baskets of securities registered a total inflow of $355 million in April, and have already attracted roughly $162 million in May. As such, they cumulatively hold $ETH valued at approximately $13.97 billion at press time, according to data from SoSoValue.
Amid the rising spot demand, Ethereum’s Open Interest – the total size of $ETH futures that are open in the derivatives market – has rebounded over the past three months. The $ETH OI has surged from $23.2 billion on February 6, 2026, to about $33.54 billion at the time of publication, as per metrics from CoinGlass.
Investors have gradually turned bullish on Ethereum in the recent past as the United States Senate prepares to pass the Clarity Act, a proposed federal regulation aimed at legalizing crypto assets, as Finbold reported.
