Ethereum reaches 22-month high and shows greater growth than Bitcoin

The price of Ethereum reached a 22-month high of $3,125 in the late night hours, the highest price since April 2022.

Ethereum has thus increased by more than 35 percent in the last 30 days. The current market capitalization is $365 billion, also the highest since April 2022.

Crypto market analyst Jacob Canfield noted that Ethereum closed its weekly chart above a major resistance level and is now targeting a level of $3,350.

With the deadline for approval of the Ethereum spot ETF in May,’things are getting interesting,’ he added.

Furthermore, Ethereum is on the verge of a historic monthly close, noted analyst Rekt Capital. This would be only the second time in history that the second-largest cryptocurrency closes monthly above the level of $2,791 in a bull market.

Ethereum achieved impressive growth in February, rising from $2,260 on the first of the month to over $3,100 so far. Trader Satoshi Flipper has also been favorable towards Ethereum, stating that $10,000 for one Ethereum in this cycle is ‘almost certain.’

To reach that level, Ethereum would need to rise by 220 percent, which does not sound unattainable compared to the recent results of some altcoins.

Moreover, Ethereum is also breaking through an important resistance level against Bitcoin. The ETH/BTC ratio is at 0.060, very close to 0.061, where it will break the weekly supertrend.

Essentially, Ethereum is still in a very strong position, with staking and restaking narratives leading the way. Currently, about 31 million Ethereum is staked, which is more than a quarter of the circulating supply.

If the spot Ethereum ETF is approved, it is very likely that the assets supporting the fund will be staked for further yields. This will reduce the amount of Ethereum available in the markets, causing a supply shock.

Furthermore, the Ethereum blockchain has been largely deflationary since the transition to proof-of-stake, meaning that the supply is gradually decreasing.