Ethereum is trading at $2,300 as of May 13th and remains inside a rising wedge on the daily chart as JPMorgan registers a second tokenized Treasury fund on the network and spot ETFs record their biggest single-day outflows in weeks.
$ETH Daily chart: SAR and wedge tightening below 100 EMA
Looking at the daily chart, $ETH It has recovered within an ascending wedge from its February lows around $1,800. Price has regained the 20 EMA at $2,311 and the 50 EMA at $2,275, both of which currently sit as dynamic support. The 100 EMA at $2,341 is the immediate ceiling and the parabolic SAR at $2,420 is bearish overhead.
The wedge is getting narrower. The top rail is nearing the $2,400 mark and the bottom rail remains near $2,200. Since April, the price has fluctuated within this range without a clear directional break. Until then $ETH Although the daily candlestick closed above SAR $2,420, the trend has not technically reversed. The 200 EMA at $2,578 is a macro target above it.
major level $ETH:
- Resistance: $2,341 (100 EMA), $2,420 (SAR), $2,578 (200 EMA)
- Support: $2,311 (20 EMA), $2,275 (50 EMA), $2,200 wedge base
- The top of the wedge: we’re getting closer, we’re about to lose direction.
$ETH Spot ETF outflow: BlackRock leads the exit
$ETH Spot ETFs recorded net outflows of $130.62 million on May 12, the largest single-day outflow in recent weeks. BlackRock’s ETHA topped the list with $102.04 million, followed by Fidelity’s FETH with $36.98 million. BlackRock’s smaller ETHB bucked this trend, raising $11.75 million. Overall cumulative net inflow $ETH Spot ETFs remain at $11.94 billion, with total net assets of $13.39 billion.
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This outflow was followed by two positive days on May 5th and May 6th, with inflows of $97.57 million and $61.29 million, respectively. The pattern over the past month has been volatile, swinging between large inflows and sharp outflows, reflecting institutional investors actively changing positions rather than steadily accumulating.
$ETH Derivatives: Volume and OI rise
Volume increased by 12.32% to $38.86 billion, and open interest increased by 3.69% to $34.46 billion. Both rising together means new positions are being built, not just being recycled. Options volume increased by 13.36% to $1.28 billion and option OI increased by 3.29% to $7.26 billion, indicating traders are bracing for bigger moves.
The retail price on Binance has been at 2.6483 for a long time. OKX shows 2.33. Top traders on Binance hold 1.248 per position, making them much more neutral than retail traders. In 24 hours, longs of $48.77 million were liquidated against shorts of $9.01 million. Longs absorb more than five times the pain of shorts. This is an overleveraged retail clearing near resistance rather than a squeeze setup.
JPMorgan’s second tokenized government bond fund will operate on Ethereum
JPMorgan has filed with the SEC to launch JLTXX, the JPMorgan On-Chain Liquidity Token Money Market Fund, a tokenized treasury instrument built on Ethereum via the Kinexys digital asset platform. The fund invests only in U.S. Treasury securities and Treasury-backed overnight spot contracts and is structured to qualify as an eligible reserve asset under the GENIUS Act, meaning stablecoin issuers can use it to meet their reserve requirements.
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JLTXX is JPMorgan’s second money market fund to tokenize on Ethereum after MONY, and was launched in December 2025 with $100 million. The prospectus notes that the fund may expand to networks beyond Ethereum. JPMorgan’s Kinexys platform has already processed more than $3 trillion in cumulative transactions, and this filing adds another layer of institutional infrastructure built on Ethereum rails, alongside similar moves by BlackRock and other major institutions.
Ethereum price prediction: May 14th top and bottom
- Upside: A daily close above $2,420 for SAR will reverse the trend and begin a move towards the 200 EMA at $2,578. JPMorgan’s institutional momentum for Ethereum and the resumption of ETF inflows will both accelerate litigation.
- The downside: If the wedge breaks down below $2,200, you have $2,000 back in play. The way to get there is continued large ETF outflows and retail long liquidations near resistance.
