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