Ether's technical breakdown against Bitcoin and rising exchange inflows, coupled with the CLARITY Act's failure, signal potential short-term downside for the crypto market.
Ether's double-top pattern against Bitcoin, failure to hold above 0.03344 BTC, and rising Binance inflows signal a potential 10% drop toward 0.0283 BTC.
Coinbase shares declined sharply as the Senate's failure to advance the CLARITY Act increased regulatory uncertainty for crypto exchanges.
Bitcoin fell 4% to around $75,900 after the CLARITY Act setback, but regulatory uncertainty may push traders toward BTC over ETH.
Circle shares declined sharply along with other crypto companies after the CLARITY Act setback.
Ether faces a bearish double-top pattern against Bitcoin, threatening a 10% decline toward 0.0283 BTC. The technical weakness coincides with the US Senate's failure to advance the CLARITY Act, fueling regulatory uncertainty that has triggered a broader sell-off in crypto-linked equities like Coinbase and Circle.
The failure to advance the legislation creates regulatory uncertainty, which typically drives investors toward Bitcoin as a safer asset and away from altcoins and crypto-related equities.