Ethereum price forms bullish SMA crossover as ascending channel targets $2,600

Ethereum price continued consolidating near the $2,300 region on Tuesday as improving technical structure and a fresh bullish moving average crossover strengthened expectations for a possible move toward the $2,600 resistance zone.

According to data from crypto.news, Ethereum ($ETH) traded around $2,308 at press time on May 13 after recovering from recent lows around $2,250 earlier this week. 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.

Institutional sentiment around Ethereum has also remained relatively constructive despite some moderation in accumulation activity. Recent on-chain data showed Ethereum whale wallets excluding exchanges increased holdings from roughly 124.69 million $ETH to about 125.05 million $ETH during the recent correction phase, representing an accumulation of approximately 360,000 $ETH.

At the same time, 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 the temporary slowdown in whale buying, some analysts remain optimistic on Ethereum’s broader outlook. 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.

Ethereum price analysis

On the daily chart, Ethereum continues trading within a well-defined ascending channel structure that has remained intact since late March, with price consistently forming higher lows along the rising support trendline.

$ETH is currently attempting to stabilize near the middle of the channel after several failed breakout attempts above the $2,400 resistance region.

Importantly, the 20-day simple moving average has now crossed above the 50-day SMA for the first time in several months, forming a bullish crossover that often signals strengthening short- to medium-term momentum.

Ethereum also continues trading above both moving averages, while the 100-day SMA at the $2,145 region remains firmly below current price levels, reinforcing the broader bullish structure.

However, 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.

Momentum indicators suggest bullish pressure remains relatively stable despite recent consolidation. The RSI continues holding slightly above the neutral 50 level, indicating that buyers still maintain moderate control without the market becoming heavily overbought.

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.

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.