As Ethereum approaches a significant threshold, with its price hovering around $3,295 and seemingly poised to exceed $3,300, recent analyses suggest that a close above the $3,070-$3,050 range could trigger a movement towards $3,500. The upward trend is anticipated to continue, especially if Bitcoin 
$75,226 maintains its stability at $118,000. But what’s fueling this bullish momentum?
Breaking Through Key Levels
The Ethereum (ETH) 
$2,315 price is flirting with the critical $3,300 mark and appears ready to breach it. Despite brief pullbacks, a steady increase is evident, targeting $3,522 as the next landmark. However, maintaining the $3,181 threshold as support is crucial for this momentum to persist.
Since hitting a low in April, the price has soared roughly 140% over a span of 98 days, bringing joy to investors. With anticipation building for a climb to $4,024, the steadfastness of Bitcoin further bolsters market sentiment.
The ETHBTC pair shows positive signs as it surpasses the 0.0275 BTC region. This indicates a potential trial between 0.0296 and 0.0328. Reclaiming the 0.0300 threshold as support could reverse over a thousand days of decline in the ETHBTC pair and aim for the substantial 0.0501 BTC support, sparking new all-time high hopes.
What’s Driving Ethereum Upward?
A year has passed since the loss of the last 0.05 support. Continuing the current trend is the most sought-after scenario by altcoin investors. The rise in the ETHBTC trend could mark the start of an altcoin bull run.
Donald Trump’s recent actions have indirectly benefited the crypto sphere. He reportedly contacted thirteen Republican critics over their positions, intertwining crypto regulation with personal motives. In the short term, this was unhelpful, but medium to long term, it hints at less political interference.
Interestingly, analyst Nic attributes recent gains to the GENIUS legislation, expected to reach Trump by year-end with a 93% likelihood. This law, mainly targeting yield-generating stablecoins, will likely be signed by early August.
“Ethereum is soaring, and the GENIUS bill could be a significant factor,” analysts note. The bill targets yield-generating stablecoins, eliminating competition for centralized yield coins, thus making ETH-based DeFi more appealing.”
Speculators seemed to have anticipated this scenario, positioning themselves well in advance, poised for increased capital flow into Ethereum protocols due to stricter US regulations. Astonishingly, Sharplink’s treasury acquisition of $225 million in ETH surpassed the Ethereum Foundation recently. Additionally, Peter Thiel acquired a 9% stake in Tom Lee’s Bitmine Immersion.
By 20:19, procedural voting for GENIUS concluded, making the above rationales more significant.
