Ethereum is hovering just below a key resistance level after another failed attempt to push higher, but momentum is starting to shift.
The Ethereum price climbed 3.5% to $2,393 on May 4 before facing rejection at $2,400. At the time of reporting, it has stabilized around $2,370. The level has acted as a ceiling in recent weeks, with multiple break attempts quickly losing strength.
🔥 Ethereum wrapped up April with a solid 7.3% gain—its second straight month in the green.
Historically, May has been one of the strongest months for $ETH, with a 25% surge in 2024 and a massive 41% rally in 2025.
Now all eyes are on May 2026. Let’s see what price level… pic.twitter.com/8m2P77D3NO
— Ethereum Daily (@ETH_Daily) May 4, 2026
IMG TXT: Is Ethereum Ready to Break Above $2,400. Source: Ethereum Daily
Technical indicators signal momentum shift
On the daily chart, Ethereum is nearing a bullish MACD crossover, a signal often associated with trend reversals. The last similar setup led to a roughly 25% price increase within a month.
Price action is also holding near the 61.8% Fibonacci retracement level around $2,381, suggesting buyers are defending this zone. If resistance at $2,400 is cleared decisively, the next upside target sits near the 38.2% retracement level around $2,772.
The repeated tests of resistance, combined with strengthening indicators, point to building pressure for a breakout after weeks of range-bound trading.
ETF inflows add to bullish case
Beyond technical signals, demand from institutional products is showing early signs of recovery. Data from SoSoValue indicates Ethereum exchange-traded funds recorded more than $100 million in net inflows last Friday, ending a four-day stretch of outflows totaling $183 million.
While not yet a full trend reversal, the shift suggests renewed interest from larger investors. Continued inflows could provide additional support if market conditions remain stable.
For now, Ethereum remains in a tight range, but a combination of technical setup and improving demand is placing the $2,400 level back in focus as a potential breakout point.
Meanwhile, new data from CryptoQuant analyst Amr Taha shows that Ethereum’s 30-day open interest change has declined sharply, returning to levels last seen during the April 2025 reset.
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