Forex Analysis & Reviews: 28.03.2025 - Ethereum Crashed. Bitcoin...

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28.03.2025 09:01 AM

Ethereum Crashed. Bitcoin Was Less Affected

Despite the successful rollout of the Pectra test upgrade on the new Hoodi testnet—potentially the final step before rolling out the update to the Ethereum main net aimed at improving scalability, staking, and user experience—Ether saw a sharp decline, creating significant challenges for the cryptocurrency's short-term outlook. Bitcoin remained more resilient but still lost all of its gains from the previous day.

Meanwhile, the U.S. Senate has voted to repeal a controversial crypto tax rule. The Senate voted 70–28 to overturn the IRS regulation on cryptocurrency taxation, which was adopted just weeks before the Trump administration took office.

Supporters of the repeal have repeatedly argued that the rule represents regulatory overreach and creates unnecessary barriers to innovation in the digital asset space. They also emphasized that the rule places crypto companies at a disadvantage compared to traditional financial institutions, which are not required to account for client assets in the same way.

According to media reports, Senator Ted Cruz and Congressman Mike Carey introduced a joint resolution to repeal the rule, which would have required participants in the decentralized finance industry to act like traditional securities brokers by collecting and reporting user trading data. President Trump is now expected to sign the repeal into law.

While the Senate had already voted earlier this month to repeal the rule, followed by the House of Representatives, a final Senate vote was required due to the measure's connection to budget legislation before it could be sent to Trump's desk. The repeal received some bipartisan support, including from Senate Minority Leader Chuck Schumer, though the strongest backing came from Republicans.

As for Bitcoin's technical outlook, buyers aim to regain the $86,700 level, which would direct a path toward $87,700 and bring the $88,900 level within reach. The furthest target would be the high near $91,900 — a breakout above this level would signal a return to a medium-term bullish market. In the event of a decline, buyers are expected around $85,700. A return below that zone could quickly drag BTC to $84,500, with the final target near $83,200.

Regarding Ethereum's technical setup, a confirmed breakout above the $1,937 level opens a direct path to $1,968. The furthest target is the annual high of around $2,005 — a breakout above this level would also indicate a return to a medium-term bull market. If Ether drops, buyers are expected at the $1,898 level. A move back below this area could quickly drag ETH toward $1,864, with the final target near $1,831.

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*Disclaimer: The market analysis posted here is meant to increase your awareness, but not to give instructions to make a trade.