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Bitcoin price pushed down to its lowest level in the last 24 hours just minutes before the daily close. At the time of writing, it was at $62,200, but shortly before it had tested the $61,555 level. Ethereum is also trading just below the $3,200 support level at $3,175.
Cryptocurrencies on the Decline
As Bitcoin’s price fell to $61,555, SOL, ADA, XRP, DOGE, AVAX, ETH, MATIC, CHZ, and many other altcoins saw double-digit losses. The losses of BNB and SOL Coin, which had surpassed significant resistance levels and were targeting the ATH region, could trigger even larger losses.
Cryptocurrencies had reached a peak cumulative value of $2.77 trillion on March 14, but fell over 15% in five days, dropping below $2.35 trillion. Solana had gained significant momentum, and the BTC drop started at a very unfortunate time for it. In just three days, Solana meme coins saw a net influx of $100 million, which helped the SOL Coin price surpass the $205 resistance.
ETH Price Prediction
A few hours ago in futures trading, the dominance of ETH long positions was broken, and investor sentiment neutralized. The funding rate fell to its lowest level in three weeks at 0.014% over an 8-hour period, contrasting with the previous week’s rally driven by dominant long positions.
Bloomberg ETF Analyst James wrote a few hours ago that he expects the upcoming Spot Ethereum ETF decision on May 23 to be unfavorable. This is turning the medium-term outlook for Ether negative again and is supported by the loss of risk appetite in futures trading.
The following ETHBTC chart suggests that the losses of the altcoin king against BTC could continue down to the 0.049 BTC support level. ETH has seen these levels against BTC in June 2022 and July 2021, except for the end of 2023 and the beginning of 2024. There’s only one green candle in the last eight days.
USDT pair shows ETH price dropped below the rising parallel channel eight days ago. This brings the risk of the price falling to $2,900 and $2,624 following the loss of the $3,386 support.
After the Fed meeting, the Bitcoin price will either recover from support or move to a deeper bottom. This will be decisive for ETH and others.
