Ethereum's price has surged past $2,300 after the U.S. Senate Banking Committee approved the CLARITY Act, sparking a broad recovery in the cryptocurrency market. This regulatory development has shifted market sentiment, with Bitcoin and major altcoins also experiencing gains. Prior to the vote, Ethereum had been trading around $2,240, showing weak movement. The approval of the CLARITY Act has now placed a spotlight on regulatory clarity, overshadowing previous cautious on-chain signals. Technical analysis indicates that Ethereum has reclaimed its 50-day simple moving average near $2,247 and is currently testing the 20-day moving average around $2,313. Holding this level could pave the way for further gains towards resistance zones at $2,350 and beyond. Despite the positive sentiment, on-chain data shows a slowdown in staking growth and a decline in short-term holders, suggesting some caution remains. However, the recent rally appears driven by improved market sentiment and regulatory optimism rather than institutional ETF demand.