Ethereum's Price Surges 4% to $1,817 Amid North Carolina's Crypto Investment Bills

Ethereum's price experienced significant fluctuations over the past 24 hours, ranging from $1,737 to $1,817. Technical indicators such as the Relative Strength Index (RSI) are nearing the Overbought zone, suggesting a potential pullback. The overall market movement from the previous day’s close indicates a gradual recovery. Analysts suggest that if Ethereum breaks through key resistance levels, it could enter a bullish momentum. Market participants are advised to closely monitor key zones and RSI indicators to identify trend shifts.

On April 30, 2025, Ethereum's price movement was marked by notable volatility. The trading day began with a brief rise, but at 00:35 UTC, a pin bar formed, signaling a potential downtrend. This was followed by a key bar and a full-body red candle, confirming the downtrend. At $1,809, the price encountered resistance and experienced a short-term bearish trend. A Death Cross on moving crossovers at 01:05 UTC further confirmed this downfall. However, at 01:45 UTC, the price found support at $1,790 and moved in an upward channel. Later, at 04:55 UTC, a pin bar formed, and ETH tested resistance at $1,812, beginning a short-term fall. At 07:50 UTC, support was found at $1,792, and the price moved in an ascending channel, peaking at $1,816. A Golden Cross on the MACD asserted this upward momentum. Conversely, at noon, a pin bar acted as a signal bar, followed by a full-body red candle, and the price began to experience a sharp fall. A Death Cross on MACD at 12:10 UTC affirmed this downtrend, leading to a breakdown at 12:35 UTC and pushing ETH to a low of $1,737. Subsequently, at 13:50 UTC, an RSI Oversold zone occurred, hinting at a potential trend reversal. At 13:55 UTC, the price found support at $1,737 and experienced an uptrend. A Golden Cross on MACD at 14:15 UTC confirmed this bullish momentum. Later, at 20:05 UTC, an RSI Overbought condition occurred, signaling a trend reversal. As expected, at 20:20 UTC, ETH price movement resisted at $1,807, began to fall, and closed at $1,792.64. A Death Cross on MACD at 20:50 UTC endorsed this ensuing downfall.

On May 1, 2025, Ethereum's price movement continued its upward momentum. At 01:05 UTC, ETH price resisted at $1,805 and experienced a short-term fall. Shortly after, support at $1,800 at 01:50 UTC led the price to move up. However, at 02:20 UTC, the price movement entered an RSI Overbought zone, indicating a potential trend reversal. At 02:40 UTC, a pin bar, followed by a full-body red candle, hinted at a possible downtrend. As expected, the price movement of ETH resisted at $1,817, experiencing a short-term fall within the key levels.

Ethereum's price surge to $1,817 on May 1 indicates a mild recovery and has sparked interest among traders who are closely monitoring the potential for a bullish rally. This price movement coincides with growing interest in digital assets, including cryptocurrencies, at the state level in the United States. Recently, the North Carolina House of Representatives passed two significant investment bills that could reshape the state's financial strategies, particularly in relation to digital assets. House Bill 92, known as the Digital Assets Investment Act, allows the state treasurer to invest up to 5% of any one retirement fund in digital assets, including cryptocurrencies like Bitcoin, stablecoins, and non-fungible tokens (NFTs). This bill, which initially proposed a 10% cap, was amended to reduce the perceived risk. The legislation does not mandate crypto investment but provides the treasury with the flexibility to explore new asset classes. Additionally, it directs the Treasurer’s Office to conduct feasibility studies for a Bitcoin reserve, potentially composed of seized or forfeited crypto assets handled by law enforcement agencies. The passage of House Bill 92 has sparked debate, with critics expressing concerns about the volatility of digital assets. However, supporters of the bill have confidence in the judgment of District Treasurer Brad Briner, citing his experience and willingness to establish strict guidelines for any such investment. House Bill 506 proposes a restructuring of how final investment decisions are made. Currently, the state treasurer holds sole authority over these decisions. If enacted, HB 506 would transfer this responsibility to the newly formed North Carolina Investment Authority, a five-member board. This board would include the treasurer and four appointees, each chosen by the governor, House Speaker, Senate President Pro Tem, and the treasurer himself. All appointees must have at least a decade of experience managing pensions, endowments, or similar investment vehicles. The board will also be responsible for selecting a Chief Investment Officer (CIO) to oversee strategy, contracts, and asset allocation decisions. HB 506 passed overwhelmingly in the House by a 110-3 vote. The passage of these bills reflects a broader national trend toward integrating cryptocurrencies into public finance strategies. Several states are reviewing similar legislation. President Donald Trump’s vocal support of digital assets has prompted more state-level lawmakers to propose initiatives that could allow for the investment of public funds in cryptocurrencies. Both investment bills now head to the state Senate, where they will face further review and reading. If approved, the legislation will be sent to Governor Josh Stein, who has expressed conditional support for expanding the state investment toolkit. The potential for a bullish rally in Ethereum, coupled with the growing acceptance of digital assets at the state level, could signal a significant shift in the financial landscape. Traders and investors will be closely monitoring these developments as they assess the potential impact on the cryptocurrency market.