BlockBeats News, March 19th. According to Cointelegraph, Ethereum dropped to around $2,100, with a 7% intraday decline, mainly due to the Federal Reserve interest rate decision and higher inflation expectations. The total amount of long liquidations in the crypto market in the past 24 hours reached $492.8 million, with over $144 million in ETH long positions being liquidated. More importantly, CoinGlass data shows that if ETH falls below $2,000, it will trigger liquidation of over $2.5 billion in leveraged long positions across all trading platforms, indicating that if the bearish momentum continues, ETH will face a larger-scale waterfall decline risk. Additionally, the U.S. spot Ethereum ETF recorded net outflows of over $55.5 million on Wednesday, ending a six-day streak of net inflows.
In the past eight FOMC meetings, ETH has fallen seven times after the meetings. The typical post-FOMC pullback ranges from 16% to 23%, with deeper deleveraging phases seeing declines of 33% to 43%.
On the technical side, $2,100 is the current key support level, aligning with the upper trendline of the ascending triangle and the 50-day moving average. If the bulls can hold this position, the next target is $2,575 (100-day moving average), followed by the triangle’s measured target of $2,700. If $2,100 is breached, ETH will retest the triangle support around $2,000; further breaking below the 20-day moving average will expose it to the risk of falling to $1,800.
