As we approach the close of the day, the Bitcoin price saw the lowest level in 24 hours and dropped to $61,555. Meanwhile, Ethereum traded at $3,175 just below the $3,200 support.
Big Losses in Crypto Currencies
The drop in Bitcoin caused many altcoins to experience double-digit losses. Crypto currencies that surpassed resistance levels such as BNB and SOL Coin suffered significant losses, triggering a downturn in the market.
The value of the overall crypto currency market reached its peak at $2.77 trillion on March 14th, only to lose over 15% in value in just 5 days and drop below $2.35 trillion. SOL Coin gained momentum by breaking the $205 resistance level due to the interest in meme coins.
Uncertainty in ETH Price
The dominance of long positions decreased in Ethereum futures, making investors’ sentiment more neutral. As funding rates dropped to the lowest levels in the past three weeks, an ETF expert foresaw that the decision on the Spot Ethereum ETF would be negative and the medium-term outlook for Ether would turn negative.
The ETHBTC chart indicates that Ethereum may experience more losses against Bitcoin, dropping to the 0.049 BTC support. In the USDT pair, ETH fell below an ascending channel and risks falling to $2,900 and $2,624 if the $3,386 support is lost.
While there is a chance for Bitcoin to recover after the Fed meeting, otherwise, the possibility of a deeper decline will also affect other cryptocurrencies.
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