Ethereum (ETH) Price Prediction: The U.S. "GENIUS Act" Accelerates, ETH Network Rise Shows Explosive Growth

Gate news, on Friday (June 20), during the Asian midday session, Ethereum (ETH) followed the market and gave back gains, trading around 2516 USD. Despite a surge in the number of new addresses over the past month, the trading price of Ethereum still hovers above 2500 USD. Previously, the U.S. Senate passed the "Guiding and Establishing a National Innovation Act for U.S. Stablecoins" (GENIUS Act), and digital asset regulation has also made progress.

Santiment data shows that the number of new ETH addresses created in the past month has increased, nearly 1/3 more than the same period last year.

Santiment analysts wrote in a post on X on Wednesday: "The number of new ETH addresses added weekly is approximately 800,000 to 1,000,000, which is about a 1/3 decrease compared to the same period last year."

(Source: X, Santiment)

The increase in the number of addresses is due to the positive development of the Ethereum ecosystem over the past month, particularly the bipartisan support for the stablecoin "GENIUS Act" in the Senate.

President Trump urged House Republicans to "swiftly" send the Senate-approved GENIUS Act to his desk. He noted that lawmakers should pass the bill "as soon as possible" without any further delays or adjustments.

Trump posted on the social media platform Truth Social on Wednesday: "This is a manifestation of American wisdom, and we will show the world how to win using digital assets in unprecedented ways."

The U.S. Senate passed the GENIUS Act on Tuesday with a vote of 68 in favor and 30 against, bringing stablecoin legislation closer to completion. House Republicans are expected to review the bill soon, and market participants anticipate that it will be passed before the August recess. If passed, the GENIUS Act will become the first official cryptocurrency-related legislation to become law in the United States.

Most companies and banks have begun to seek to utilize stablecoins in their business operations, with notable examples including Apple, Amazon, JPMorgan, and Morgan Stanley, which are exploring stablecoin solutions.

Lawmakers' debate on the cryptocurrency market structure bill, the "CLARITY Act" (aimed at establishing a broader regulatory framework for digital assets), has also heightened interest in Ethereum. Ethereum carries most of the cryptocurrency market activity beyond Bitcoin transactions.

According to DefiLlama data, the market capitalization of stablecoins on Ethereum Layer 1 has exceeded $126 billion, steadily growing over the past few weeks and accounting for 50.2% of the market share of other blockchains.

"This will start to take effect, transforming blockchain into infrastructure. Once blockchain becomes the infrastructure supporting the operation of the entire world, including financial infrastructure as well as various other applications—social, logistics, supply chain, and so on—then ETH will become as ubiquitous as the internet," said Vivek Raman, co-founder of Ethrealize, in an interview.

He added, "ETH has underperformed for a long time, primarily because we have been mired in regulatory issues. Now, all of this is being lifted, and at some point, 'tech stocks' will undergo repricing, which has largely constrained the development of value storage assets and global infrastructures like oil."

Ethereum Price Prediction

Coinglass data shows that in the past 24 hours, the liquidation amount of Ethereum futures reached 16.59 million USD, with long and short liquidation amounts of 7.77 million USD and 8.82 million USD, respectively.

FXStreet analyst Michael Ebiekutan stated that, due to the difficulty in breaking through the 200-day simple moving average (SMA), ETH continues to hold the support level of $2450, which is the 38.2% Fibonacci retracement level. The 50-day SMA and the exponential moving average (EMA) converge above the lower boundary of the key channel, further strengthening this level.

As trading volume continues to decline, ETH must hold the lower boundary of the key channel to prevent a strong breakdown. If this level holds and remains above the 200-day moving average, it may retest the resistance at the upper boundary of the channel. However, if it breaks below the lower boundary, it could push ETH into the range of $2260 to $2110, which is supported by the 100-day moving average.

The Relative Strength Index (RSI) and the Stochastic Oscillator (Stoch) are consolidating below neutral levels, indicating that bearish momentum is slightly dominant.

(Source: FXStreet)