Ethereum price continued to hold firm near $2,300 on Tuesday as improved technical structure and a new bullish moving average crossover fueled expectations for a possible move towards the $2,600 resistance zone.
According to data from crypto.news, Ethereum ($ETH) is trading around $2,308 as of press time on May 13th, after recovering from recent lows around $2,250 earlier this week. The token has remained mostly stable over the past few sessions, despite increased market-wide volatility following a better-than-expected US CPI report.
Although inflation concerns temporarily weighed on risk assets, traders increasingly believe that the CPI data was already largely priced in by the market before it was released, limiting downside momentum across major cryptocurrencies.
Institutional sentiment around Ethereum also remains relatively constructive despite some restraint in accumulation activity. Ethereum whale wallet holdings excluding exchanges increased from approximately 124.69 million, according to recent on-chain data. $ETH Up to approximately 125.05 million people $ETH At the latest adjustment stage, this amounts to a cumulative total of approximately 360,000 cases. $ETH.
At the same time, Bitmine reportedly slowed down. $ETH Reaching approximately 86% of Ethereum’s long-term holding target has slowed the pace of accumulation, reducing the urgency for additional aggressive purchases in the short term.
Despite the temporary slowdown in whale purchases, some analysts remain optimistic about Ethereum’s broader prospects. Fundstrat’s Tom Lee recently claimed that “crypto spring has begun,” suggesting that investor sentiment remains unusually cautious even as crypto assets continue to gradually recover from previous lows.
Ethereum price analysis
On the daily chart, Ethereum continues to trade within a well-defined ascending channel structure that has remained intact since late March, with the price consistently forming lows along an ascending support trend line.
$ETH is currently trying to stabilize near the middle of the channel after several failed breakout attempts above the $2,400 resistance area.
Importantly, the 20-day simple moving average is above the 50-day SMA for the first time in months, forming a bullish crossover that often signals strengthening momentum in the short to medium term.
Ethereum also continues to trade above both moving averages, while the 100-day SMA near $2,145 remains well below current price levels, reinforcing the broader bullish structure.
However, the 200-day SMA near $2,640 still acts as a key long-term resistance barrier overhead and is closely aligned with the upper bound of the ascending channel.
Momentum indicators suggest that bullish pressure remains relatively stable despite recent consolidation. The RSI continues to hold just above the neutral 50 level, indicating that the market has not become significantly overbought and that buyers still maintain a reasonable degree of control.
If the bulls are able to decisively reclaim the $2,400 resistance zone, Ethereum could extend the rally towards the upper channel border near $2,600, which also coincides with resistance in the 200-day moving average.
On the downside, failure to break out of the ascending channel support around $2,200 could weaken the bullish structure and increase risks. $ETH $2,000 toward a deeper fix in the psychological support area.
