The end of March has brought a significant decline to the crypto market, with various factors contributing to the bearish sentiment. President Trump’s announcement of rising tariffs on April 2, combined with strong core PCE data, has led to a sharp drop in market value. As we approach the end of the month, traders are left wondering whether the market will recover from its recent lows or continue to slide in April.
Bitcoin and altcoins have all experienced a notable decline in March, with the total market value dropping by 4.3% to $2.67 trillion. Bitcoin itself lost 4.4% of its value during the same period. Ethereum, the leading altcoin, saw a significant slump of 21% in March. Despite a brief glimmer of hope when the Ripple vs. SEC case was dismissed, XRP struggled to capitalize on the momentum and ended the month on a downward trajectory.
Bitcoin’s price prediction shows a precarious situation, with the price dipping below the EMA20 level to around $81,644. Buyers are now attempting to push it back up towards the ascending resistance channel. On the other hand, bears are looking to keep the price below $83,000, potentially leading to further drops to $81,000 or even $80,000. A bullish signal would require the price to close above the 50-day simple moving average at $86,000, potentially leading to a recovery towards $90,000 and possibly $95,000 in April.
Ethereum is facing a similar situation, with sellers aiming to push the price down to the support zone at $1,772. Buyers are expected to defend this level strongly, as a break below could lead to further downward trends, potentially reaching as low as $1.5K. A shift in momentum would require buyers to drive the price above the descending resistance line, potentially setting the stage for a bullish April with a target of $2.5K.
XRP is currently experiencing increased volatility near the EMA20 trend line, with both buyers and sellers struggling to establish a clear direction around the $2 mark. Bears are looking to push the price down to the $2 support level, while buyers are prepared to defend it vigorously. A break below $2 could lead to a bearish head-and-shoulders pattern, potentially sending prices down to $1.8 and even further to $1.3. Conversely, a strong rebound from the $2 support could lead to a bullish scenario with a target of $2.5.
Overall, the crypto market is facing a challenging period as we head into April, with traders closely watching key support and resistance levels to determine the direction of the market in the coming weeks.