Double-Top Pattern Forms on ETH/BTC Chart, Potentially Triggering 10% Decline

The Ethereum price against Bitcoin is facing a potential 10% decline as a double-top pattern emerges on the ETH/BTC daily chart.

A close below the neckline at 0.03078 BTC could trigger this drop, with a target of around 0.0283 BTC. The pattern's formation follows two comparable peaks near 0.03344 BTC in August and September, with the latter peak marking Ethereum's latest advance.

The Relative Strength Index has fallen toward 50, indicating weakening momentum supporting Ethereum's recovery. Although Ether is still holding marginally above its 20-day exponential moving average at approximately 0.03162 BTC, a sustained move above the two peaks would invalidate the double-top scenario and restore a more bullish relative outlook for ETH.

The bearish technical setup emerged as the US Senate failed to advance the Digital Asset Market Clarity Act on September 15, triggering a wider cryptocurrency sell-off. Regulatory uncertainty can encourage traders to favor Bitcoin over more risk-sensitive assets such as Ethereum, increasing pressure on the ETH/BTC pair and bringing the 0.03078 BTC neckline back into focus.