- Crypto sell-off deepens as Bitcoin drops to $76,600 while Ethereum, Solana, and XRP test key supports.
- Ethereum risks further decline below $1,960 with $1,730 as the next support.
- Solana struggles at $120, losing this level could trigger a drop to $78.
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Cryptocurrency markets kicked off March on a volatile note. As market conditions have shifted rapidly, recent global trade developments have accelerated outflows from risky assets.
Bitcoin dropped as low as $76,600 today, erasing most of the gains made following Trump’s presidential victory. Losses in the altcoin market have been even steeper. Among high-market-cap cryptocurrencies, Ethereum has fallen back to levels last seen in October 2023. Solana is attempting to hold the support region it established last year while declining to the $120 range. Meanwhile, XRP has been showing a different trend, trying to maintain its position above the psychological level of $2.
The general sell-off in crypto markets appears to be driven by global economic developments. In recent days, renewed recession concerns in the U.S. and uncertainty surrounding trade policies have prompted investors to shift towards safer assets.
In light of this, let’s take a look at three altcoins that are approaching critical support levels.
1. Ethereum on Track for Further Losses
Ethereum continues to extend its three-month-long downtrend. The critical $1,960 support level at Fib 1.272, which aligns with the lower boundary of the falling channel, has now been breached. This downward momentum may encounter buying interest around $1,730 at Fib 1.414.
As the bearish outlook persists, reclaiming $1,960 in daily closes has become essential for any potential recovery. If buying pressure sustains above $1,960, a move toward $2,000 may be seen in the coming days. Establishing a base above $2,400 is considered the first key condition for a trend reversal. If Ethereum manages to reclaim $1,960, intermediate resistance levels to watch are $2,100 and $2,300.
On the downside, $1,730 is currently the closest support level. A breakdown of this support could drive prices toward $1,400 (Fib 1.618), marking the lower boundary of the Fibonacci expansion zone.
In Ethereum’s daily chart, both short- and medium-term EMAs align with the negative trend. Additionally, the Stochastic RSI indicator signals the possibility of continued declines. As a result, the price movement is likely to continue downward unless Ethereum decisively exits the $1,960 - $1,730 range.
2. Pressure Mounts at XRP’s Main Support Zone
XRP has shown greater resilience in recent months, partly due to optimism surrounding Ripple’s legal battle with the SEC. However, despite the SEC dropping cases against several crypto firms in early 2024, the absence of significant developments for Ripple has dampened interest in XRP. Still, as a U.S.-based company, Ripple remains aligned with the Trump administration’s goal of making the U.S. a crypto hub, which helps XRP maintain its potential.
Since January, XRP has largely followed the broader market trend and has managed to stay within the $2 range during the latest sell-off. Looking at the 2025 outlook, the key support level for XRP remains at $1.92. However, recent selling pressure has weakened this support. For a rebound, XRP needs to sustain a move above $2.25. In this scenario, $2.25 will be closely watched as the nearest short-term support. If XRP achieves daily closes above this level, the next target range could be between $2.65 and $2.90. A breakout beyond this region could signal the start of a new uptrend.
On the downside, $1.92 remains a critical support level to prevent a deeper decline. Daily closes below this level could trigger a bearish signal, as it would cause short-term EMA values to cross below the 3-month EMA.
In summary, the $1.92 level will be the key determinant for XRP’s next move.
3. Solana Attempts to Hold Its Support Zone
In recent months, Solana has benefited significantly from the memecoin market, reaching a new high close to $300. However, the subsequent downturn in the memecoin sector, combined with broader market weakness, has led to a sharp decline in Solana’s price.
After eight consecutive weeks of losses, Solana has now fallen to the $120–$125 zone, a key support level throughout 2024. A weekly close below this range could trigger a deeper pullback to $78 (Fib 0.786) based on the long-term trend, as selling pressure remains strong.
Currently, Solana is attempting to stay above Fib 0.618, making it crucial to attract new buyers at this level. If buying interest picks up, $140 (EMA-89) will be the first resistance to watch. The second resistance zone may form around $160.
On the weekly Solana chart, a double-top formation was established between November and February. The subsequent bearish trend accelerated after breaking below the $190 neckline, leading to a decline equivalent to the pattern’s height. Now that this formation has played out, Solana may attempt to hold the ideal retracement level at Fib 0.618.
Disclaimer: This article is written for informational purposes only. It is not intended to encourage the purchase of assets in any way, nor does it constitute a solicitation, offer, recommendation or suggestion to invest. I would like to remind you that all assets are evaluated from multiple perspectives and are highly risky, so any investment decision and the associated risk belongs to the investor. We also do not provide any investment advisory services.