#Gate广场五月交易分享 ETH Evening Market Analysis:

Current trend: ETH follows BTC to recover above $2,300, but with weaker momentum than the broader market. A whale wallet associated with GarrettJin transferred about 244,000 ETH to Bn within three days, while the US spot ETH ETF recorded a net outflow of $103.5 million during the same period, ending a four-day net inflow trend.
However, an address linked to ErikVoorhees increased its holdings by 2,920 ETH at an average price of approximately $2,284, indicating not all large holders are selling.
Future outlook: ETH remains volatile between $2,200 and $2,400 on the daily chart, with EMA20 and EMA60 forming a golden cross. The bullish trend has not been fully broken, but RSI has fallen back to around 48, showing weakening upward momentum. Tom Lee from Fundstrat still offers an aggressive bullish forecast for ETH, expecting it to multiply 3 to 4 times by the end of 2026.
On-chain data from Alphractal shows ETH's market cap pulse indicator has turned positive for the first time in eight weeks, suggesting fresh capital is re-entering.
Support levels: $2,265 – $2,280 (50-day EMA/short-term support); $2,244 (strong support/last line of defense); $2,220 and $2,197 (deeper supports)
Resistance levels: $2,340 – $2,350 (short-term first resistance); $2,389 – $2,400 (key reversal zone); $2,420 (resistance in the upward channel)