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Ethereum’s steep decline hints at panic-driven selling and margin liquidations. Solana’s price dip suggests intense bearish pressure with potential for deeper losses. XRP struggles to stabilize, with key support at $1.50 and resistance at $1.85. Cryptocurrency markets suffered a devastating blow Monday, with over $200 billion in market capitalization vanishing in just 24 hours. The sharp drop sent shockwaves across the altcoin space, hitting major tokens like Ethereum (ETH), Solana (SOL), and XRP hard. What Triggered the Market Plunge? This crash is a direct reaction to renewed recession fears, amplified by the rollout of new U.S. tariffs effective April 5th and anticipation of more hitting specific countries April 9th. The macroeconomic pressure triggered panic selling across risk assets.  While a theory exists that overlooked altcoins could rally after such a washout, the immediate focus is on the damage. How Badly Was Ethereum Hit? Ethereum’s fall was swift and unforgiving. The price opened around $1,792 but dropped steadily throughout the day. It closed at $1,481.21, marking a 17.37% plunge.  The sell-off hints at panic-driven exits, likely amplified by margin liquidations. Volume surged by an astonishing 473.64%, showing clear signs of heavy selling pressure. ETH now tests short-term support between $1,450-$1,480. Failure here targets stronger support near $1,350-$1,400. Resistance now stands at $1,600 and the former $1,792 support level. Did Solana Break Below $100 Support? Solana mirrored ETH’s behavior, opening near $119.06 and falling to $98.74.  The steady drop reflected intense bearish pressure, backed by a 275.74% jump in volume indicating widespread exits or forced liquidations. SOL now tests the $95–$98 support range. If this level breaks, $90 and $85 are potential next stops. Resistance on any bounce sits near $105 and $112. What Are XRP’s Key Levels After the Drop? XRP also fell sharply, declining 17.74% to $1.71. Starting near $2.09,…

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Filed under: News - @ April 7, 2025 4:22 pm