Ethereum price stalls below $2,400 as May ends, analysts eye $2,100

Ethereum is trading around $2,223, roughly 8% below the $2,400 resistance that has blocked advances for the past two months, and the market’s next test will be whether it can close above $2,100 by month‑end to confirm a “Crypto Spring” breakout [1][2].

Price pressure and the $2,400 barrier

May opened with ETH at $2,257, a 0.7% dip from the previous day, extending a four‑day streak of lower opens [1]. The $2,400 level has repeatedly attracted sellers since March, aligning with three technical signals and a on‑chain watershed zone around $2,450‑$2,456 [1]. A decisive 4‑hour close above $2,400 would be needed to target $2,500‑$2,600, while a break below $2,280 could push the price toward $2,200 support [1].

Institutional inflows and on‑chain accumulation

Spot Ethereum ETFs recorded $36.3 million net outflows on the day Charles Schwab opened spot trading to its 39 million clients, led by BlackRock ($22.3 million) and Fidelity ($14 million) [1]. Despite the outflows, large wallets bought 140,000 ETH in recent weeks, with BitMine acquiring 26,659 ETH last week, and tokenized US Treasuries on Ethereum hitting a record $8 billion, indicating institutional accumulation beneath the surface [1]. Earlier in May, spot ETH ETFs saw $101.2 million inflows in a single day, driven by BlackRock and Fidelity, tightening circulating supply as institutions purchase actual ETH for each fund unit [2].

Divergent price targets: $2,100 vs. $2,400

Fundstrat’s Tom Lee argues that a monthly close above $2,100 would mark three consecutive months of gains—a pattern never seen in a bear market—and would validate his “Crypto Spring” call [2]. The $2,100 threshold sits just below the 200‑day moving average at $2,335, which currently acts as resistance; a close above it would flip the averages to support and open a path toward $2,750 [2]. Conversely, the $2,400 resistance remains the more immediate hurdle for bullish momentum, with the upcoming “Glamsterdam” upgrade in June touted to triple Layer‑1 throughput and potentially act as a catalyst for a breakout if a firm launch date is announced before month‑end [1].

Upcoming upgrades and retail exposure

The “Glamsterdam” upgrade, slated for June 2026, promises a three‑fold increase in transaction capacity, a factor the market has not fully priced in yet [1]. Schwab’s rollout, which began on May 13 and targets its 39 million account holders, could add roughly 195,000 new ETH buyers if even 0.5% of the base purchases the token in the first month, expanding retail demand beyond crypto‑native exchanges [1].

What to watch

• A monthly close above $2,100 by May 31, which would signal a shift from “recovery” to “early‑cycle” momentum.
• Confirmation of a June 2026 launch date for the Glamsterdam upgrade, which could trigger a price surge past $2,400.
• Net ETF flows in the next two weeks; sustained inflows would tighten ETH’s circulating supply, while continued outflows could pressure the price lower.

Ethereum’s ability to breach $2,400 before the end of May will hinge on whether institutional inflows, on‑chain buying, and the upcoming upgrade coalesce to overcome the entrenched resistance, setting the stage for the next phase of its 2026 price narrative.