Why Are Ethereum and Altcoins Falling?

Ethereum dropped 2.3% today, trading at $4,300. It lost 6.2% over the week. The Ethereum Foundation’s deposit of 10,000 ETH ($42.7 million) to Kraken sparked the decline. Additionally, whale sell-offs and shifting investor sentiment pressured the market. However, the fear and greed index shows neutral sentiment. This did not shield ETH and other altcoins from the downturn.

World Liberty Financial (WLFI) also faced a sharp decline. Despite Trump family backing, WLFI fell 50% from its peak. Today, it dropped 8% to $0.2238. Token unlocks triggered investor sell-offs. Meanwhile, WLFI’s market cap stands at $5.54 billion. This reflects broader market pressure.

PythNetwork (PYTH) also saw a downturn. After nearly 100% gains in a day, PYTH fell 3.84% today. Mixed technical signals and profit-taking drove the decline. Still, PYTH remains up 37% weekly. Finally, Bonk (BONK) meme coin lost 1% today. A wallet linked to Galaxy Digital transferred 510 billion BONK to an exchange, increasing sell-off pressure.

How FOMC and Economic Data Impact the Market

The crypto market fluctuates with U.S. economic data releases this week. The JOLTS report comes today, followed by unemployment claims tomorrow and non-farm payrolls on Friday. These reports will influence Fed interest rate decisions. Moreover, $242 million in crypto positions were liquidated, affecting 107,700 investors.

Ethereum long positions saw $43 million in liquidations, followed by Bitcoin at $21.73 million.The market shows mixed trends. Bitcoin and XRP rise, while ETH, WLFI, and PYTH decline. This divergence stems from varying investor sentiments. Ultimately, volatility increases ahead of the FOMC meeting. Investors focus on economic data and Fed outcomes. 

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The post Crypto Crash: Why Ethereum, WLFI, PYTH, BONK Plummeted? appeared first on Coin Engineer.

Since its launch nearly a decade ago, Ethereum (ETH) has only outperformed Bitcoin (BTC) on 15% of trading days. According to crypto analyst James Check, since ETH began trading in mid-2015, it has lagged behind BTC 85% of the time.

Data shows Ethereum had an edge over BTC between 2015–2017 and briefly in late 2019 to early 2020. But in the last five years, Bitcoin has consistently outpaced Ethereum.

ETH/BTC Hits 5-Year Low

On April 9, the ETH/BTC ratio fell to 0.018, its lowest level since December 2019 when ETH plummeted to $125 while BTC was around $7,000.

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In the past 24 hours, Ethereum has dropped 10% to under $1,450. Meanwhile, Bitcoin saw a 6% decline to $75,000 — still 275% above its peak from the last bull market seven years ago.

Ethereum Supporters Voice Concerns!

Some Ethereum advocates have raised concerns about stagnation. “Ethereum has had the same number of active addresses for four years,” said Web3 researcher Stacy Muur on April 8.

However, others noted that most of the new activity has moved to Ethereum layer-2 scaling networks, which have seen a surge in total value locked.

Though many ETH holders are currently at a loss, technical indicators suggest the asset may be nearing oversold levels, potentially bottoming out near $1,000.

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Support and Resistance Levels

The current situation of Ethereum (ETH) shows that the $1,745 level is critical. If this level is lost, ETH could fall to the $1,650 range. Therefore, it’s essential to be cautious and closely monitor market movements.

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Short-Term Outlook

In the short term, Ethereum (ETH) may continue to test the $1,745 level. If it holds this level, there is potential for a rise back to $1,800 and $1,820. However, if the $1,745 level is breached, a further decline towards $1,650 could occur.

ETH investors should closely watch the $1,745 level. A drop below this level could lead to a more significant decline. Technical indicators and overall market movements can provide a broader perspective, helping investors form their strategies.

You can also freely share your thoughts and comments about the topic in the comment section. Additionally, don’t forget to follow us on our Telegram, YouTube, and Twitter channels for the latest news and updates.

The post Ethereum Price Analysis: Critical Support Lost! appeared first on Coin Engineer.