$ETH Sitting right above its break out point and has been chopping around in a tiny range for the past 3 weeks.
This will eventually lead to a large move again from this compression, similar to the initial breakout that got us here.
For the bulls it is critical to hold that green zone at ~$2350, because otherwise it is going to be looking like a big deviation & liquidity hunt into a range re-entry.
๐บ๐ธ The U.S. crypto market structure fight is entering a critical phase.
The CLARITY Act is facing another hurdle as Congress cuts its September schedule, while lawmakers race to advance digital asset rules before the midterms.
At the same time, the SEC is pushing its own crypto framework and has publicly backed getting CLARITY to President Trumpโs desk.
The message is clear: the U.S. is still competing to build the worldโs leading digital asset market.
Will the U.S. finally deliver full crypto market clarity this year? ๐บ๐ธ
Thank you to my followers for your engagement. I started creating content on Binance Square three years agoโtime has flown by! I have been sharing information and news about the cryptocurrency market and related developments that drive market ups and downs. Your interaction has been amazing. Now, I would love for you to support and motivate me to do even more by sending a tip, if you are able to do so. Please don't hold back your supportโthank you all, and best regardsโค๏ธ.
The Weekly RSI Levels of $BTC , $ETH and majors have gone up but it still mostly sitting below the 60 mark.
That almost signals a transition into the 60-80 area where $BTC tends to flourish during up trends. Right in that sweet spot where you're having a lot of momentum but are not quite overbought yet.
That'd when the trend tends to feel like "easy mode".
๐ฏ๐ต BREAKING: Japan DUMPED a record $88 BILLION of foreign securities in August to fund its massive yen intervention, per Bloomberg.
Nearly 80% of Japans total foreign exchange reserves is in US dollar-denominated assets, primarily US Treasuries and dollar deposits.
Japanโs reserves plunged -6.2% to $1.208 TRILLION, their lowest since October 2022, after Tokyo spent a record ยฅ15.4 TRILLION ($98.7B) buying yen to support the currency.
The intervention triggered the BIGGEST monthly drop in Japanโs reserves ever, with foreign securities falling $87.8B during the month.
๐บ๐ธ Senator Cynthia Lummis warns that if the CLARITY Act fails this Congress, U.S. crypto market structure rules could be delayed until 2030.
The Senate faces a critical procedural vote on September 15, requiring 60 votes to move forward.
My take: This is bigger than one crypto bill. Without clear rules, the U.S. risks losing institutional capital, innovation and regulatory leadership to other markets.
Will Congress finally get crypto market structure legislation across the finish line? ๐
The market will get really fun if the total altcoin market is able to properly break this current resistance.
This level has held both as support and resistance multiple times over the past 2 years.
It marked the start of the post election run that made this move 2x in only a month at the end of 2024. That was also the last time alts as a whole really outperformed and our last decent "alt season".
Not expecting a similar reaction here, but just noting how important this area is to break to flip the market structure around.