Ethereum (ETH) has formed a significant technical breakthrough with a bullish 20-day and 50-day SMA crossover while trading near $2,308 on Tuesday, according to crypto.news data. The token is currently consolidating within an ascending channel structure that has remained intact since late March, with price consistently forming higher lows along the rising support trendline. ETH is attempting to stabilize near the middle of this channel after several failed breakout attempts above the $2,400 resistance region. The 100-day SMA at $2,145 remains firmly below current price levels, reinforcing the broader bullish structure.
Recent on-chain data shows Ethereum whale wallets excluding exchanges increased holdings from approximately 124.69 million ETH to about 125.05 million ETH during the recent correction phase, representing an accumulation of approximately 360,000 ETH, as reported by crypto.news. However, Bitmine has reportedly slowed its ETH accumulation pace after reaching roughly 86% of its long-term Ethereum holding target, reducing the urgency for additional aggressive purchases in the short term. Despite this temporary slowdown, Fundstrat's Tom Lee recently argued that "Crypto Spring has commenced," suggesting investor sentiment remains unusually cautious even as crypto assets continue gradually recovering from their earlier lows.
If bulls manage to reclaim the $2,400 resistance zone decisively, Ethereum could extend its rally toward the upper channel boundary close to $2,600, which also coincides with the 200-day moving average resistance, according to crypto.news analysis. The 200-day SMA near $2,640 still acts as a major longer-term resistance barrier overhead and aligns closely with the upper boundary of the ascending channel. On the downside, failure to hold above the ascending channel support near $2,200 could weaken the bullish structure and potentially expose ETH to a deeper correction toward the $2,000 psychological support region.
Ethereum traded around $2,308 at press time on May 13 after recovering from recent lows around $2,250 earlier this week, as reported by crypto.news. The token has largely stabilized over the past several sessions despite broader market volatility following the hotter-than-expected U.S. CPI report. While inflation concerns briefly pressured risk assets, traders increasingly believe the CPI data had already been largely priced in by markets ahead of the release, limiting downside momentum across major cryptocurrencies. Momentum indicators suggest bullish pressure remains relatively stable, with the RSI continuing to hold slightly above the neutral 50 level, indicating that buyers still maintain moderate control without the market becoming heavily overbought.
