A forecast has emerged that Ethereum could again test the $3,000 level in May.

Cointelegraph reported on April 30, local time, that Ethereum slipped about 8 percent from a 10-week high around $2,460, but technical indicators and on-chain data point to room for further gains.

The first basis drawing market attention is a chart pattern. On a daily basis, the Ethereum-dollar price has been forming a "bull flag" since early April. It is a typical continuation pattern featuring a narrow, downward-sloping consolidation after a sharp rally, and calculations suggest that a break above the upper trendline at $2,350 could open the way to levels above $3,000.

A similar trend was observed on short-term charts. On the eight-hour chart, an ascending triangle pattern formed, and a target of $3,305 was presented if it clears resistance above $2,400. That implies potential additional upside of as much as about 46 percent from the current price. This scenario, however, requires confirmation of an upside breakout.

The second basis is support around $2,000. Ethereum has been making higher lows since early February and is maintaining a support trendline that has held for several months. In the past, rebounds off this trendline were followed by gains of about 22 to 27 percent. This time, the price is consolidating in the $2,000 to $2,200 range, which is also where the 50-day simple moving average overlaps with the 100-day simple moving average.

On-chain data also pointed to a similar area as key support. Glassnode's realized price distribution (URPD) indicator showed investors accumulated about 7.4 million ETH between $1,980 and $2,178. If a rebound continues from this range, the market is discussing the possibility of moving beyond the next resistance at $2,400 toward $2,800 to $3,000. About 14 million ETH has previously traded in that band, so it is also seen as strong resistance.

The third factor is buying dominance in the spot market. CryptoQuant's 90-day cumulative spot buy volume delta turned positive again after March 15. The indicator shows the difference between market buy and sell volumes over three months. From mid-February to mid-March it showed a neutral trend within the $1,800 to $2,200 range, but after breaking through $2,200 resistance, buy orders remained dominant.

Buying also flowed in during the recent decline. CryptoQuant data showed cumulative Ethereum buy volume over the past 30 days surpassed $1 billion. That means market participants used the pullback below $2,300 as a buying opportunity. CryptoQuant analyst Darkfost said that day Ethereum slipped below $2,300, but even that drew traders' attention again.

The market sees whether this buying stance is maintained as the next turning point. If spot-led buying continues, it could form the basis for an additional rally as in past upswings. In 2024, when a similar trend appeared, Ethereum rose 85 percent.

As a result, key points to watch for Ethereum in May have narrowed to whether it can break above $2,350 and $2,400. If support in the low $2,000s holds and spot buying does not fade, the market is expected to keep testing the possibility of re-entering $3,000 via $2,800.