Colorize logs in eclipse console

Have a try with this Eclipse Plugin: Grep Console

[Update]:
As pointed out by commenters: When installing Grep Console in the currently last version of Eclipse, you need to uncheck 'Group items by category' in the Install dialog to see the available items.
As pointed out by @Line the plugin can now be easily installed via the Eclipse Marketplace again without changing any options.

[Update 2]:
As pointed out by @azdev, to get proper highlighting:

Entering just literal strings doesn't work. To get a line to be colored, you have to enclose the string in .* on either side, like so: .*ERROR.*

Actually the ANSI Console plugin adds ANSI escape code support to Eclipse console. At present it does have a limitation though, whereby escape codes that span multiple lines leak incorrectly to other lines when scrolling, see issue #3.

Otherwise some terminal view plugin as explained in this other question might be an option for some.