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.
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Spot ETH ETF monthly flow. Source: 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.
ETH OI. Source: 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.