Overview
- Ethereum was trading around $2,024 on May 31, 2026, and the $2,000–$2,050 range is the immediate battleground for short-term direction.
- Market observer Ted warned that spot demand is weakening and spot ETH ETFs have been selling, and he said failure to close above $2,050 would increase the risk of a deeper correction.
- On-chain data from Santiment shows addresses holding at least 100,000 ETH increased their combined balance to 17.41 million ETH, the highest in over nine weeks and equal to about 22.03% of circulating supply.
- Public filings show Nasdaq-listed Bit Digital bought 8,568 ETH worth roughly $20 million, and separate posts reported a claimed $50 million purchase by Tom Lee, both of which contribute to an institutional accumulation narrative.
- Standard Chartered reiterated a long-term $40,000 ETH target based on tokenization and DeFi growth, but short-term ETF outflows and crowded derivatives positions could amplify volatility and trigger further liquidations if support breaks.