While the price of Bitcoin (BTC) ballooned to a 19-month high this weekend, Ethereum (ETH) has kept apace, surging beyond $2200 for the first time since May 2022.
On-chain analysts at CryptoQuant have identified three drivers behind the crypto’s stellar performance over the past month.
Ultrasound Money Takes Effect
As shared by analyst MAC_D, ETH broke through a key resistance/support level at $2000 last week, which marks the average price at which Ethereum users began staking ETH on the network.
“It is the average unit price for investors who want to hold ETH for the long term,” the analyst wrote. “Most of the long-term investors have turned to profit, which is likely to act as a key support.”
Staking requires users to lock their ETH inside the Ethereum network to earn future yield denominated in more ETH. Stakers are assumed to be high-conviction investors since staked ETH is generally thought of as untradable (although liquid staking solutions like Lido have helped remedy
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