Ethereum (ETH) 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.

Ethereum (ETH) price is consolidating above key support at $1,585, setting the stage for a potential 80% rally as Arizona advances toward launching a state-backed digital asset reserve.

The House Appropriations Committee approved Senate Bill 1373—dubbed the Strategic Digital Assets Reserve Bill—on Tuesday, advancing the U.S. crypto policy agenda.

This bill authorizes the Arizona State Treasurer to hold and manage a diversified portfolio of digital assets, including Bitcoin (BTC), Ethereum, stablecoins, and NFTs.

The bill also integrates crypto seized by law enforcement and allows the state to invest up to 10% of its annual budget in digital assets, potentially unlocking capital inflows of over $300 million.

ETH price has remained below $1,600 for the better part of the week but broke through the $16,15 resistance at press time.

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.

$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 extend beyond Arizona’s borders. It’s the first serious legislative effort to integrate crypto within state-level finance in the U.S., setting a precedent that other states could follow.

The bill’s broad definition of digital assets—including Bitcoin, Ethereum, stablecoins, and NFTs—indicates 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.

News data source: kdj.com

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