Ethereum (ETH) briefly regained the $2,300 level, turning market attention back to the possibility of further gains. Expectations for rising institutional demand for tokenisation and hopes for a U.S. crypto market structure bill are combining to sharpen focus on whether Ethereum can break above the short-term resistance level of $2,400.

On May 13 (local time), blockchain media outlet Cointelegraph reported that ETH/USD was trading near $2,320, up about 2 percent over 24 hours.

Markets are citing broader institutional use of the Ethereum network as a key driver of the rebound. JPMorgan Chase is said to be preparing an Ethereum-based tokenised money market fund (MMF). The structure is being discussed in a direction designed to allow stablecoin issuers to hold reserves while also earning interest income.

BlackRock is also pursuing a tokenised version of a U.S. Treasury liquidity fund. It was reported to have proposed managing the fund’s official ownership records on Ethereum’s ERC-20 standard.

Markets say the moves are seen as a sign that Ethereum could become a core network for institutional financial infrastructure, beyond a simple expansion in investment.

In the short term, the key turning point is whether Ethereum can break above the $2,400 resistance level. Ethereum failed to break through that zone last week. An analysis says outflows from spot Ethereum exchange-traded funds (ETFs) and an increase in ETH balances on Binance constrained the upward move.

As a result, some in the market say the uptrend would need prices to settle firmly above $2,400 to continue.

Technical signals are tilted relatively toward a bullish view. Crypto analyst CryptoJack said Ethereum remains within a symmetrical triangle pattern on short-term charts and described it as “preparing for an upside breakout.”

Crypto Patel analysed that Ethereum is moving within an ascending triangle trend that has continued since 2020. He explained that a rebound from the long-term trendline near $1,800 was the starting point of past major bull runs.

Markets are also maintaining long-term bullish forecasts. Crypto analyst Celal Küçüker suggested the possibility that Ethereum could rise above $24,000 over the long term.

Momentum indicators are also cited as supporting the case for a rebound. The monthly relative strength index (RSI) has fallen to around 42 to 45, similar to levels seen before previous bull markets began. Some market participants believe a break above the $2,450 to $2,600 range could confirm a full-fledged trend reversal.

Expectations for stronger institutional demand are also tied to growth in on-chain money markets. Market analysis platform RWA.xyz said the global tokenised fund market has already surpassed $31 billion, with about 55 percent of it operating on the Ethereum network.

In the crypto community, some also say expanding institutional adoption could lead to higher on-chain activity on Ethereum, increased gas demand and a rise in total value locked (TVL).

Regulatory factors are also cited as an important catalyst. A leading example is the Clarity bill, a digital asset market structure bill under discussion in the U.S. Senate. Michaël van de Poppe said the bill “could be a major catalyst for the entire market.”

Market participants are also paying attention to past cases. They are again citing a move in which Ethereum rose about 65 percent from $3,000 to a record high of $4,950 after the U.S. GENIUS bill was signed in July 2025.

As a result, an analysis in the market says that if progress on institutionalisation aligns with expanding institutional tokenisation demand, Ethereum’s next direction is likely to be indicated first by whether it breaks above $2,400.