Ethereum News Today: Ethereum Surges 140% in 98 Days, Eyes $3,522 as GENIUS Legislation Looms

Ethereum's price has been on a remarkable surge, currently hovering around $3,295 and showing signs of breaching the $3,300 mark. Analysts suggest that a close above the $3,070-$3,050 range could propel the price towards $3,500. This upward momentum is bolstered by Bitcoin's stability at $118,000, which has been a key factor in maintaining market sentiment.

The Ethereum (ETH) price has been steadily increasing, with a brief pullback before targeting $3,522 as the next significant milestone. Maintaining the $3,181 threshold as support is crucial for this upward trend to continue. Since hitting a low in April, the price has surged roughly 140% over 98 days, bringing optimism to investors who anticipate a climb to $4,024.

The ETHBTC pair has shown positive signs, surpassing the 0.0275 BTC region and indicating a potential trial between 0.0296 and 0.0328 BTC. 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.

Donald Trump's recent actions have indirectly benefited the crypto sphere. His reported contact with thirteen Republican critics over their positions on crypto regulation intertwined personal motives with regulatory discussions. While this was unhelpful in the short term, it hints at less political interference in the medium to long term.

Analysts attribute 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. The bill aims to eliminate competition for centralized yield coins, making ETH-based DeFi more appealing. Speculators have anticipated this scenario, positioning themselves well in advance for increased capital flow into Ethereum protocols due to stricter US regulations.

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.