Ethereum's Double Top Setup Triggers 10% Target as Regulators Falter

The performance of Ethereum against Bitcoin is showing signs of weakness as it forms a double top setup. According to TradingView, the neckline for this pattern sits at around 0.03078 BTC, and a decisive daily close below this level would validate the breakdown.

If this happens, analysts predict that ETH/BTC could drop by roughly 10% to a target near 0.0283 BTC, based on subtracting the maximum height of the double top pattern from the neckline.

This bearish technical setup comes at a time when regulatory uncertainty is also affecting cryptocurrency markets. The US Senate's failure to advance the Digital Asset Market Clarity Act has added to the bearish sentiment, with crypto markets weakening and Bitcoin falling around 4% to $75,900 on September 15.

Ethereum inflows to Binance have also surged, reaching a high of roughly 709,400 ETH on September 11, according to data from CryptoQuant. This is the highest level since June, which could be another bearish signal for Ethereum's performance against Bitcoin.