Ethereum's price has broken past the $2,400 mark in May 2025, demonstrating a strong recovery in the cryptocurrency market. This surge signifies a substantial increase over the past month, notably outpacing Bitcoin's growth during the same period.
Crypto analyst VirtualBacon has emphasized Ethereum's robust fundamentals and potential for further gains. According to VirtualBacon, the ETH/BTC trading pair's rebound from multi-year support levels could signal the beginning of a new altcoin cycle.
VirtualBacon suggests that reclaiming the 0.382 Fibonacci retracement level against Bitcoin could lead to a 60% gain for Ethereum. He also highlighted Ethereum's pivotal role as the infrastructure for real-world applications and stablecoins, which is fostering increased institutional confidence.
Ethereum's price trajectory remains closely tied to the Federal Reserve's monetary policy decisions. A potential pause in quantitative tightening measures could trigger a significant upward movement in Ethereum's price.
Currently, ETH is trading at $2,440, reflecting an 8% increase over the past week. VirtualBacon forecasts that if Bitcoin reaches $200,000, ETH could potentially reach a price target of $10,000. Should Bitcoin climb even higher to $250,000, Ethereum's price could soar to $12,000.
This article is based on our author's analysis of materials taken from the following resources: TradingView.com.