Ethereum (ETH) has shown bullish signals with analysts eyeing a potential breakout to $3,000, supported by an ascending triangle pattern and consolidation of a recent trend breakout. ETH has recorded its first monthly gains of 2025, driven by whale accumulation and demand from exchange-traded funds (ETFs). The ETH/BTC pair broke a monthly downtrend earlier in May, achieving gains of 30-40%, with some forecasts projecting ETH could reach $4,000 within two months. Despite this optimism, recent data from Glassnode indicates ETH/BTC fell to 0.018, its lowest level since January 2020, signaling Ethereum's underperformance relative to Bitcoin (BTC) in the current bullish market. Market observers note that ETH's performance is closely tied to stablecoin supply and global liquidity expansion, which is considered more favorable for ETH than BTC due to ETH's lower inflation and smaller market capitalization. Other cryptocurrencies gaining momentum include HYPE, which has recently been listed for perpetual futures on Coinbase and Binance, as well as SOL. Overall, Ethereum remains a top-performing asset among layer-1 coins in May 2025, though some caution remains regarding potential volatility from leverage abuse.