Ethereum closed April up 7.38%, following a 7.07% gain in March — the first two consecutive positive months after a rough start to the year. The recovery is underpinned by three converging forces: record staking participation with over 30% of supply now locked, fresh inflows into staking-enabled ETFs, and the Pectra upgrade making large-scale institutional staking meaningfully more accessible.
Historically, May has been one of ETH's strongest calendar months, with average returns in the 28–31% range. Whether that pattern holds in the current macro environment is the open question, but the structural setup — rising staking yields, institutional product availability, and a major protocol upgrade — looks materially different from prior years.
Momentum building on the supply side tends to compress the liquid float, which historically amplifies price moves in either direction. Bulls will…
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