Ethereum Tests Support at $2,405 as CLARITY Act Fails in Senate

The failure of the CLARITY Act in the Senate has left Ethereum's staking and DeFi rules in limbo, with the Federal Reserve's upcoming rate decision putting a critical technical support level to the test.

Ethereum trades at $2,402, back near its pre-August rally level after the Senate failed to advance the CLARITY Act on September 15. The cloture vote fell 49-50, ten votes short of the 60 needed to move the bill forward.

The proposed rules on staking, DeFi, and stablecoin yields are now unresolved rather than changed, awaiting another attempt at legislation. Meanwhile, ETH is testing its last major support before the Federal Reserve's rate decision, with markets pricing in a rate hike.