Having consistently gained strength again, ETH broke above the previous resistance level under $2,200 and is now challenging downward resistance near $2,540. This meteoric rise, along with its immense day-to-day trading volume, has excited investors and spurred analysts to jump on the Bitcoin bandwagon. Recent high-profile Ethereum transactions by major stakeholders have only added to the speculation about what may happen next for this cryptocurrency.

At the moment, Ethereum is rallying under an ascending triangle formation, as pointed out in a daily price chart posted by Crypto Gems. This technical triangle is building between a support line of roughly $2,500 and a resistance line of around $2,700. The cryptocurrency has for the third time recently sat at this resistance waiting for a possible breakout, which seems to be imminent.

Fibonacci retracement levels show $2,870 is the 50% retracement from Ethereum all-time high. A confirmed break above the $2,700 resistance could shoot Ethereum up to retest the $3,000 psychological level, according to these chart predictions. If this breakout holds, Ethereum is en route to two major targets. The next milestones are $3,000 and $3,865, the latter matching the 0.75 Fibonacci level.

Adding to the market’s intrigue, two massive whale movements of Ethereum have both happened in the last week. In under 24 hours, more than 45,000 ETH was traded. This huge movement, which included nearly 10,000 different transactions, had a value of over $113 million in total. In the first transaction, an unknown account transferred 23,075 ETH, valued at nearly $57.57 million, to Binance. 22,500 ETH, worth about $56.07 million, was transferred from Ceffu to a now-unknown address in the second transaction.

After a recent drop to the $2,475 support level, Ethereum bulls have retaken control of the momentum, sending ETH price back above $2,500. This recovery is underpinned by growing volume and re-established short-term momentum. As analyst Ted Pillows notes, ETH’s price is currently finding footing following a sharp parabolic surge in the month of May.