- Tariff concerns trigger widespread crypto panic, wiping $200B from market cap.
- Ethereum and XRP face severe losses; critical support levels under threat.
- Solana’s drop indicates strong sell pressure; support at $95–$98 crucial.
The cryptocurrency market has suffered a significant blow, shedding over $200 billion in market capitalization. The sharp decline has been driven by fears of a recession, triggered by impending tariffs that will take effect on April 9.
This has led to widespread panic selling, with major cryptocurrencies such as Bitcoin (BTC), Ethereum (ETH), XRP, and Solana (SOL) all seeing substantial losses. As the market cap dips to $2.58 trillion, a sense of fear and uncertainty looms, with the Fear & Greed Index plunging to an extreme low of 23.
Ethereum (ETH) Shows Strong Bearish Momentum
Ethereum has experienced a sharp 19.57% drop, falling from around $1,796 to $1,445.21. This dramatic fall highlights the overall bearish trend that dominated the market throughout the day.
The 24-hour trading volume surged to $36.02 billion, an increase of over 450%, signaling panic selling among investors. The sharp decline in ETH’s market cap further underscores the negative market sentiment.
Currently, ETH is testing short-term support around the $1,445 level. However, a further breakdown could lead to a retest of the $1,400 psychological level, followed by strong historical support near $1,300.
On the other hand, if ETH manages to hold above $1,445, a recovery attempt could be possible, with key resistance levels found at $1,600, $1,700–$1,720, and the critical $1,800 mark.
XRP and Solana Face Similar Downward Pressure
XRP has mirrored Ethereum’s decline, dropping 18.86% from $2.10 to $1.69. The 24-hour trading volume rose by 328%, signaling heightened selling pressure.
The market cap for XRP has also suffered a notable loss of 18.84%, reflecting widespread capital outflow. As with Ethereum, XRP faces crucial support at $1.65–$1.70. If the downtrend persists, $1.60 and $1.50 could provide further psychological support.
Solana (SOL) has also faced substantial losses, down 17.41% from $118.88 to $98.33. The 24-hour trading volume surged by over 265%, confirming significant sell pressure.
SOL’s market cap stands at $50.68 billion, with critical support at $95–$98. If the selling pressure continues, the next support zone lies around $90, followed by a more robust support near $85.
