ETH/USD: Pullback or Springboard? Targeting $3000 and Beyond

ETHUSD showed a minor pullback following the footsptesp of Bitcoin.  It hits an intraday high  of  $2569 and is currently trading around $2548.

The Senate's recent passage of the "Guiding and Establishing National Innovation for US Stablecoins" (GENIUS) bill is a pivotal development for the Ethereum network and the wider digital asset landscape, aiming to establish a comprehensive regulatory framework for payment stablecoins in the U.S. This bipartisan legislation is expected to boost institutional engagement in decentralized finance (DeFi) by reducing regulatory uncertainties. Ethereum's robust growth, evidenced by nearly a million new addresses weekly since May and its significant stablecoin capitalization, positions it to benefit greatly from this bill. The GENIUS bill could solidify Ethereum's role as foundational financial infrastructure, leading to a reevaluation of its intrinsic value and accelerating mainstream adoption as corporations and financial institutions integrate stablecoins within a more predictable regulatory environment.

Overall trend remains bullish  as long as support $2300 remains intact. Watch out for $2640, any break above targets $2661/$2715/$2770/$2880/$3000/$3400/$3600/$3800/$4000. A robust bullish trend will only materialize above $4100.

Immediate support is around $2450. Any violation below will drag the price down to $2300/$2000/$1750/$1675/$1620/$1500/$1200/$1000. A breach below $1000 could see Ethereum plummet to $800/$500.

It is good to buy on dips around $2500 with SL around $2250 for a TP of $3000/$4000.

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