Ethereum Price Slides as Senate Fails to Advance CLARITY Act
The Ethereum price dropped by nearly 4% on Wednesday after the Senate failed to advance the CLARITY Act, contributing to broader crypto market selling.
This weakness is being taken as an opportunity for large investors to accumulate ETH. According to CryptoQuant data, a total of 159,000 ETH has left exchanges in five days, while 'whale' wallets (holding 10,000-100,000 ETH) have accumulated around 200,000 ETH.
The Ethereum price remains below the $2,431 level, with key downside supports near $2,270 from its 50-day and 200-day EMAs. A break above this level would maintain the overall bullish trend, but failure to do so could expose the next support band between $2,170-$2,150.
The likelihood of a 25-basis-point Fed hike has markets pricing in a 92.3% chance, contributing to bearish pressure on crypto markets. Ethereum futures have dropped by approximately $211 million in liquidations, with long positions bearing most of the losses.