Ethereum (ETH), the second-largest cryptocurrency by market capitalization, has recently risen significantly, surpassing the $3,000 mark. This surge in value has caught the attention of investors and enthusiasts alike as the token becomes a focal point of activity in the broader cryptocurrency market.

On-chain data showed increased participation among large investors, commonly referred to as whales. One such case is a whale identified as 0x7f1, who recently deposited 15,000 ETH worth over $45.98 million on the Kraken exchange at a price of $3,065.

The massive trade has sparked speculation regarding the future trajectory of ETH's price, reflecting an ongoing debate between investors who view Ethereum as a lucrative investment opportunity and those who may be able to capitalize on recent price movements for profit.

Despite market uncertainty related to regulatory issues and the overdue anticipation of the creation of an ETH exchange-traded fund (ETF), Ethereum continues to overcome challenges with cautious optimism. The Relative Strength Index (RSI) currently stands at 57.35, indicating increased bullish sentiment that could put upward pressure on the ETH price in the near future.

Analysts attribute the recent surge to a delay in US retail sales data for April, raising expectations of a potential interest rate cut by the US Federal Reserve to boost economic growth.

As the cryptocurrency market awaits the SEC's final decision on VanEck and ARK Invest's request for an Ethereum ETF, the case for Ethereum being classified as a security instrument has weakened, fueling a rally above $3,050 on May 17.

Looking ahead, if ETH price holds above the $3,000 mark, bulls could prepare to test the $3,200 resistance level. Sustaining this price level could set the stage for Ethereum to attempt to test the upper resistance level at $3,400 in the coming period.

However, if selling pressure increases, the altcoin could test the support line and potentially fall to the lower support level at $2,800.

As the price breakout of the altcoin leader continues, many analysts are talking about the start of altseason.