🚀 Ethereum Network Growth Explodes — GENIUS Bill Triggers Investor Frenzy

Ethereum ($ETH ) is seeing a massive surge in network activity, adding nearly 1 million new wallet addresses per week since May — a major acceleration from last year’s pace. The catalyst? The Senate’s 68–30 approval of the GENIUS bill (Guiding and Establishing National Innovation for US Stablecoins), which has ignited hopes of regulatory clarity for digital assets in the U.S.

Despite trading near $2,500 in early Friday's Asian session, Ethereum’s price momentum is being closely watched by traders amid growing network fundamentals. According to Santiment analysts, current address growth is outpacing 2023 levels by over 30%, highlighting renewed investor interest — not just from retail, but from institutions now eyeing Ethereum's long-term utility.

Former President Donald Trump has also entered the spotlight, urging House Republicans to pass the GENIUS bill “ASAP and without changes,” calling it a showcase of “American brilliance” and a tool to “WIN with digital assets like never before.” With the House expected to act before their August recess, passage would mark the first official U.S. crypto regulation, positioning Ethereum at the heart of stablecoin infrastructure.

Tech giants like Apple and Amazon, alongside financial powerhouses like JP Morgan and Morgan Stanley, are reportedly exploring stablecoin strategies, further validating Ethereum’s role in the evolving financial ecosystem.

However, despite the hype, ETH’s technicals remain mixed. Price action faces resistance at the 200-day SMA, while key support holds at $2,450, aligned with the 38.2% Fibonacci retracement level. A breakdown below the current ascending channel could send ETH back toward the $2,260–$2,110 zone — supported by the 100-day SMA.

Still, with macro regulatory uncertainty clearing and institutional interest rising, Ethereum’s “tech play” narrative may soon shift toward global infrastructure, akin to oil or gold.will ETH break out — or fade back to consolidation?