Ethereum reached its highest price in 22 months, hitting $3,125 during Monday’s trading session in Asia. This marks the highest value for Ethereum since April 2022.
The 2.5% increase in ETH’s price adds to its 36% gain over the past month. Additionally, Ethereum is leading the crypto markets, which have seen a 0.5% increase for the day, pushing the total market capitalization to $2.1 trillion, the highest since April 2022.
Ethereum’s Momentum Continues
On February 26th, market analyst Jacob Canfield observed ETH’s dynamic movements, repeatedly flipping between support and resistance levels as it set its sights on reaching $3,350. As the deadline for the spot ETH ETF approaches in May, “things are getting interesting,” he said.
$ETH – Up only after the $2200 retest at the lows. Flipped multiple S/R's now.
— Jacob Canfield (@JacobCanfield) February 25, 2024
STill targeting $3333 / $3350 .618 move as per the playbook I posted in October.
Ethereum ETF deadline in May. Things are getting interesting. pic.twitter.com/BrtCl6HeUx
Additionally, analyst Rekt Capital noted that ETH is close to achieving a historic monthly close. A bull market would be the second time ETH would close above $2,791 during a month.
Throughout February, Ethereum’s value has surged, rising from $2,260 at the beginning of the month to over $3,100 by the end. Trader “Satoshi Flipper” also expressed bullish sentiment towards ETH.
“$10,000 for 1 token at the blow-off top this bull cycle is already programmed,”
To achieve that milestone, ETH would have to surge by 220%, a target that may not seem overly ambitious given the recent performance of certain altcoins.
$ETH is on the cusp of a historic Monthly Close
— Rekt Capital (@rektcapital) February 25, 2024
It would be only the second time in history that #ETH has Monthly Closed above the $2791 (red) level in a bull market#Crypto #Ethereum pic.twitter.com/GS8WO2zjNS
Additionally, ETH is breaking a significant resistance level compared to Bitcoin. The ETH/BTC ratio is currently at 0.060, nearing 0.061, which would surpass the weekly super-trend.
As of now, Bitcoin’s price remains unchanged for the day at $51,530.
JUST IN: #Ethereum is breaking an important resistance against #Bitcoin. pic.twitter.com/TuPEXCokNz
— The Moon (@TheMoonCarl) February 26, 2024
ETH FOMO: Growing Excitement
ETH is doing really well, especially with staking and re-staking becoming more popular. Right now, about 31 million ETH are staked, which is more than a quarter of all the ETH available.
If they approve a spot in the ETH ETF, the assets that support the fund will probably be staked for more profits. This could mean less ETH available to buy, causing a supply shock.
Also, since the merger, the ETH network has mostly been deflationary, which means the supply is slowly going down.
