The price of Ethereum (ETH) has shown signs of starting an upward trend, especially after the approval of Arizona’s SB 1373 bill led to the withdrawal of $91 million worth of Ethereum from exchanges, intensifying the trend. The bill, known as the ‘Digital Assets Strategic Reserves Bill’, has passed a key committee of the Arizona House of Representatives and could smoothen the official use of digital assets. If finally approved, the Arizona Treasury will be authorized to invest 10% of its annual budget in assets such as Bitcoin, Ethereum, stablecoins, and NFTs, potentially bringing massive capital into the crypto market. Reports indicate that from April 17 to 19, 2025, around 57,000 Ethereum has been withdrawn from exchanges, valued at over $91 million. This heavy outflow usually signals institutional buying during price floor periods. At the time of writing, Ethereum is priced at $1618, showing signs of a bullish comeback. The tightening Bollinger Bands and price movement near the 20-day moving average indicate a significant swing is imminent. If the Ethereum price candle closes above $1657, the next target will be in the range of $1750 to $1800, nullifying the recent downtrend. However, losing support at $1585 could push the price down to $1418. With positive trading volume structure and technical indicators, Ethereum’s short-term outlook is assessed as bullish.
