The $ETH price is undergoing an astonishing surge right now, one that has boosted it around 35% so far this week, and it’s still only Thursday. Could this be to do with the advancement through the US House of key crypto legislation? Can $ETH reach its all-time high on the back of this surge?
Crypto bills advance in the US house
The CLARITY Act, the GENIUS Act, and the Anti-CBDC Surveillance State Act have all been advanced through the U.S. House of Representatives, after President Trump met with and gained the support of several key Republican detractors of the bills.
These bills, if finally passed into law, are likely to further stimulate US government support for crypto, and it may well be for this reason that the crypto market has been rising from the dead over the last three months or so.
$ETH price heading for last major resistance
Source: TradingView
Ethereum (ETH) is the number two cryptocurrency by market capitalisation. The $ETH price really plumbed the depths back in March this year, falling to a local bottom of $1,380. Since that time, after breaking through major resistances at $2,100 and $2,500, the price has surged over $3,400, and looks as though it could continue up to the last big resistance at $3,950. If it gets there and confirms above, the all-time high would not be that far away. One just needs to be aware that the resistance also coincides with a descending trendline, which adds even more strength to the blue level.
At the bottom of the chart, the MACD is showing a perfect cross up of the blue MACD indicator over the orange signal line, while the series of reducing light red columns have just been interrupted by the first dark green histogram column. Things are shaping up for a continuation of $ETH’s run, at least as far as the $3,940 resistance level.
Total2 also approaches last major resistance
Source: TradingView
In support of $ETH bull’s bid to push the price back to the all-time high, Total2 (combined market cap of all cryptocurrencies excluding $BTC) is approaching its own last big resistance. If it can break the $1.47 trillion resistance, price discovery would not be that far away.
Investors likely to put most value into the top altcoins
One thing to bear in mind is that in this cycle, the quantity of new altcoins has multiplied at an exponential rate, and Total2 represents all of them. That said, probably more than 99% of these will not receive investor value into them. The vast majority of this is more likely to go into the top 100 to 200 coins at most. Therefore, the likes of $ETH, $SOL, $XRP, and other major altcoins, are going to receive the lion’s share. Thinking along these lines, it might be advantageous to plan positions accordingly.
Disclaimer: This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.
