Ethereum continues to trade within a tight range of $2,111 and $2,819, consolidating below its 2021 all-time high of $4,981.
Despite support from key moving averages, low trading volume and a neutral RSI reflect a market in wait-and-see mode, with $2,700–$2,800 acting as strong resistance.
Bullish technical signals, including a Golden Cross on May 18 and patterns like the Bullish Pennant and Wyckoff Spring, suggest a breakout could be on the horizon, though a recent KDJ death cross points to possible short-term pullbacks.
Institutional appetite remains strong, with consistent inflows into spot Ethereum ETFs such as BlackRock’s $ETHA.
At the same time, whales have accumulated 1.4 million ETH since April, reducing exchange supply and applying upward pressure.
If Ethereum breaks above $2,700 with convincing volume, it could target $3,000–$3,400 in the near term.
However, failure to breach resistance may trigger a retest of $2,500 or $2,300. Its momentum will depend on volume trends, macro conditions, and continued institutional support.
Ryan Lee, Chief Analyst at Bitget Research
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