Crypto Today: Bitcoin, Ethereum and XRP fall further as post-midterm elections gains unwind

• Below $76,000 after a sharp fall, Bitcoin faces concerns over Democrats taking control of the US Congress in January.
• Near $2,200 support, Ethereum continues to face structural constraints on further gains.
• Below $1.20, XRP remains under pressure as momentum indicators weaken.

Bitcoin (BTC) is trading below $76,000 on Friday as a broad correction takes hold across cryptocurrency markets. Near the psychological demand zone at $2,200, Ethereum (ETH) slips as sellers strengthen their control. The picture is similarly downbeat for Ripple (XRP), which has dropped below $1.20.

Crypto markets retreat as US midterm concerns mount

A narrow Democratic Party victory over Republicans in the United States (US) midterm elections has handed Democrats control of Congress and sparked widespread concern. With majorities in both the House of Representatives and the Senate from January, the party could, many believe, obstruct key crypto regulations and hold back the development of Artificial Intelligence (AI) in the world’s largest economy.

According to a Wall Street Journal report, Senator Elizabeth Warren is expected to take the chair of the US Senate Banking Committee in early 2027. A prominent critic of crypto and a longstanding supporter of tighter rules, Warren is likely to bring greater attention to crypto regulation.

Among Warren’s potential early priorities, the report identifies investigations into alleged insider trading in prediction markets, scrutiny of consumer protection practices at crypto entities and assessments of alleged conflicts of interest involving US President Donald Trump and his family. Her appointment as Senate Banking Committee Chair has not yet been confirmed, although observers consider the likelihood of an alternative candidate to be low.

Writing in an opinion piece in Time on Thursday, Senator Warren said: “Democrats won this election by claiming we are on the side of working people, and working people are counting on us to deliver,”

On 15 September, the US CLARITY Act stalled in the Senate when a procedural motion to bring it to the floor failed 49-50, falling well short of the 60-vote threshold required to proceed. Democrats have faced criticism for obstructing the bill. With the party now holding a congressional majority, many worry that crypto regulation could lose priority or that the gains made since Trump took office in 2024 could be reversed.

According to Crypto In America, Democrats are considering reviving legislation to protect crypto investors, with scope to broaden it into a comprehensive bill on digital market structure.

In its report, Crypto In America said: “Additional ethics provisions are also expected, targeting crypto-related activities by President Trump and other federal officials,” and added: “The issue was a major sticking point in negotiations over the Clarity Act and helped drive the legislation’s collapse in September, when all Senate Democrats voted against advancing it.”

Passing fresh legislation through Congress would not, however, guarantee that it becomes law. Trump will retain his veto for the next two years, creating a further significant obstacle, and overturning a presidential veto would need Republican backing.

At 28 on Friday, down from 37 a day earlier, the Fear & Greed Index remains in Fear territory as sentiment across crypto markets weakens further. Last month’s average stood at 67, in the Greed region, a contrast that suggests diminishing appetite for crypto-related digital investment products.

Bitcoin technical analysis: Sellers strengthen their hold

At $75,712, Bitcoin retains a bearish short-term outlook, trading beneath a series of important moving averages. Overhead supply is reinforced by the 200-day Exponential Moving Average (EMA) at $76,504, the 100-day EMA at $77,770 and the 50-day EMA near $79,821, all of which sit above the current price.

The momentum picture also points to weakness. With the Relative Strength Index (RSI) around 38 in bearish territory and the Moving Average Convergence Divergence (MACD) line below zero, any rally is likely to encounter difficulty at resistance.

To relieve the immediate pressure, buyers would first have to recover the 200-day EMA at $76,504. The next obstacle would be the 100-day EMA at $77,770, followed by the 50-day EMA at $79,821. Further away, the SuperTrend line at $82,920 provides a ceiling that is unlikely to come under threat without a substantial improvement in momentum.

Ethereum technical analysis: ETH slips towards crucial support

The key $2,200 demand zone is in focus as Ethereum edges down, having surrendered the US midterm election gains that lifted the smart contract token above $2,400 earlier in the week. A cluster of key EMAs between $2,300 and $2,400 remains above the price, underpinning a strongly bearish outlook. The daily RSI reading of 38 and a negative MACD also indicate predominantly bearish momentum. Meanwhile, the SuperTrend line at $2,490 adds pressure to ETH’s technical structure, pointing to a downward path of least resistance.

The concentration of buyers at $2,200 provides the first support zone. Once conditions settle, traders are likely to enter there to position for another recovery attempt. A break below could force Ethereum to look for liquidity towards $2,000. Any advance would initially face the 200-day EMA at $2,312, then the 100-day EMA at $2,348 and the 50-day EMA at $2,397. Closing above this group of moving averages on a daily basis would point to a possible bullish reversal.

XRP technical analysis: Prices remain under corrective pressure

Trading below $1.20, XRP continues to show a bearish short-term bias, with the price beneath key moving averages and in the lower half of the Bollinger Bands. Despite a modest improvement over recent sessions, upside remains constrained by the 50-day, 100-day and 200-day EMAs. These sit well above spot, grouped between roughly $1.32 and $1.36.

Although the sell-off is losing pace, momentum is still fragile. The RSI is close to 35, just above oversold territory, while the MACD line sits slightly below zero, both suggesting that downward pressure has yet to abate.

Near $1.20, the lower Bollinger Band offers the first resistance. Should buyers achieve a corrective rebound, the middle band around $1.29 would present the next obstacle. Further up, the 100-day EMA at $1.32 and the 50-day EMA at $1.33 form a concentrated supply zone, before the 200-day EMA near $1.36 and the upper Bollinger Band around $1.37. With little nearby chart-based support beneath the current price, XRP remains exposed to additional losses if $1.20 gives way decisively.

(The technical analysis of this story was written with the help of an AI tool. Know more.)