Ethereum Price Eyes $3,000 Rally as Arizona’s SB 1373 Sparks $91,000,000 Exchange Withdrawals in 48 hours

Ethereum price is showing early signs of a breakout after Arizona’s SB 1373 bill catalyzed $91 million in institutional ETH withdrawals.

Ethereum Consolidates at $1,600, but On-Chain Metrics Signal a Major Breakout

Ethereum (ETH) is consolidating near $1,600, setting the stage for a potential 80% rally as Arizona advances toward launching a state-backed digital asset reserve. Senate Bill 1373—dubbed the Strategic Digital Assets Reserve Bill—cleared a key House committee this week, marking a major milestone in U.S. crypto policy.

If enacted, SB 1373 would authorize the Arizona State Treasurer to hold and manage a diversified portfolio of digital assets, including Bitcoin, Ethereum, stablecoins, and NFTs.

The bill integrates crypto seized by law enforcement and allows the state to invest up to 10% of its annual budget in digital assets—potentially unlocking hundreds of millions in capital inflows.

ETH price has finally breached the $16,15 resistnance at press time on Saturday, April 19,  having remained below $1,600 for the better part of the week. The momentum from this Arizona state’s legislative vote has sparked speculation of a broader crypto market breakout—similar to the 80% rally observed after Bitcoin first broke above $50,000 following the approval of spot ETFs in January 2024.

$91M in ETH Withdrawals Confirm Institutional  Accumulation

According to on-chain data from CryptoQuant, Ethereum exchange balances fell more than 3% this week. Between April 17 and April 19, ETH holders withdrew approximately 57,000 ETH—valued at over $91 million at current prices—shortly after Arizona’s legislature advanced the Digital Assets Reserve Bill.

This significant outflow suggests strategic investors are accumulating ETH in anticipation of a macro shift. Historically, when large volumes of Ethereum are moved off exchanges during a price consolidation phase, it’s interpreted as a bottom-formation signal or bullish reversal setup.

Arizona Bill Signals Legitimacy Boost for Bitcoin, Ethereum and NFTs

The implications of SB 1373 go far beyond Arizona’s borders. It’s the first serious legislative effort to institutionalize crypto within state-level finance, creating a precedent other U.S. states could follow.

The bill’s broad definition of digital assets—including Bitcoin, Ethereum, stablecoins, and NFTs—demonstrates intent to build a modern, diversified state treasury, managed securely through institutional-grade custody solutions.

If Governor Katie Hobbs signs it into law, the move could act as a legitimizing catalyst, prompting institutional allocators to reevaluate ETH’s position in long-term investment portfolios.

Ethereum Price Forecast Today: Momentum Builds Toward $1,750 Amid Thinning Exchange Supply 

Ethereum is trading at $1,619, showing early signs of upward momentum following recent policy optimism from Arizona’s pro-crypto legislation. Ethereum price forecast today leans bullish as technical indicators align with strong accumulation signals, positioning ETH for a breakout toward the $1,750–$1,800 resistance zone.

The Bollinger Bands are compressing, with price action hovering near the midline at $1,657, suggesting volatility expansion is imminent. As ETH price floats near the 20-day moving average, Ethereum is attempting a reversal from oversold conditions.

The Volume Delta indicator confirms net positive inflows over the last 48 hours, with green volume bars outpacing red, supporting a bullish divergence. If ETH closes above the $1,657 mid-band resistance, the next target is the upper Bollinger Band at $1,896. A daily close above $1,700 would invalidate the recent downtrend.

However, a failure to hold $1,585 support risks dragging ETH down to the lower Bollinger Band at $1,418. Still, Ethereum’s tightening volatility band and improving volume structure indicate that the path of least resistance is currently skewed to the upside.

The post Ethereum Price Eyes $3,000 Rally as Arizona’s SB 1373 Sparks $91,000,000 Exchange Withdrawals in 48 hours appeared first on CoinGape.