⚡ ETH Network Growth Explodes — GENIUS Bill Sparks Investor Frenzy
Since May, Ethereum has added roughly 1 million addresses every week.
The Senate's 68-30 passage of GENIUS certainly sparked it.
ETH might crash if it loses a crucial channel's lower border.
Ethereum (ETH) is trading at $2,500 in the early Asian session on Friday despite a month-long increase of new addresses. After the Senate enacted the Guiding and Establishing National Innovation for US Stablecoins (GENIUS) bill, digital assets rules advanced.
"The amount of new weekly ETH addresses created is ranging around 800K-1M per week, compared to about one-third less at this point last year," Santiment researchers said on Wednesday in an X post.
Address growth follows encouraging events in the Ethereum ecosystem during the previous month, including the Senate's bipartisan passage of the stablecoin GENIUS Act.
Trump pushed House Republicans to get the Senate-approved GENIUS measure "LIGHTNING FAST" to his desk. He advised Congress to approve the measure "ASAP," without delays or changes.
"This is American brilliance at its best, and we are going to show the world how to WIN with digital assets like never before," Trump wrote on Truth Social on Wednesday.
Tuesday's 68-30 Senate vote on the GENIUS bill moved stablecoin legislation closer to completion. Market participants anticipate House Republicans to examine the package shortly and approve it before the August vacation. The GENIUS bill would be the first US crypto legislation if approved.
Apple, Amazon, JP Morgan, and Morgan Stanley are among the firms and institutions considering stablecoin solutions.
"ETH has underperformed for a long time because of regulatory purgatory. Now that all that is lifting, 'tech play,' which is highly limiting to store of wealth, global infrastructure like oil, will be repricing "said.
ETH held $2,450 at the 38.2% Fibonacci Retracement while the 200-day SMA resisted.
A collapse below the lower barrier might push ETH to the $2,260-$2,110 region, supported by the 100-day SMA.
