ETH risks 10% drop against Bitcoin as double top forms on ETH/BTC chart
- —ETH trades near 0.03167 BTC, just above the 20-day EMA at 0.03162 BTC
- —Double top with peaks at 0.03344 BTC in August and September, neckline at 0.03078 BTC
- —Downside breakout target is 0.0283 BTC, about a 10% decline
- —709,400 ETH flowed into Binance on September 11, the most since June
Why it matters: A neckline break would accelerate capital rotation out of ETH into BTC amid regulatory uncertainty after the CLARITY Act's failure.
Source: CoinJournal