Ethereum Price Rises as Network Activity Grows After GENIUS Bill Progress

Ethereum (ETH) is currently trading around $2,500. The network has seen a strong rise in new users, with nearly one million new wallet addresses being created each week over the past month. This sudden increase happened after the U.S. Senate passed the GENIUS bill, which focuses on creating rules for stablecoins.

Compared to last year, the number of new Ethereum addresses has gone up by about 33%. The GENIUS bill received strong support in the Senate and is now moving to the House of Representatives. If passed there, it could become law before the summer break.

Ethereum-Price-Rises

This bill is seen as positive for the crypto space because it could lead to more stablecoin projects, many of which run on the Ethereum network. Some big banks and tech companies are already showing interest in these kinds of projects.

In terms of price, Ethereum is holding above an important support level near $2,450. This area also lines up with key technical indicators. If Ethereum stays above this level and moves higher, it could retest its recent highs. But if it falls below support, the price might drop to the $2,260–$2,110 range.

Currently, technical indicators show some bearish pressure, suggesting caution in the short term.

Impact: If the GENIUS bill moves forward and network growth continues, ETH could possibly gain more value. But if support fails, prices might slowly drop toward $2,100.

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Ethereum Price Rises as Network Activity Grows After GENIUS Bill Progress