If Bitcoin Remains Below 200 EMA, It Could Drop 6.5% to $77,400
If Ethereum breaches the critical level of $1,780, it may decline by 15%.
Tariff tensions have already impacted the cryptocurrency market, with asset prices falling as investors take strategic actions ahead of today’s announcement.
Concerns Over Tariffs in the Crypto Market
Since Donald Trump’s inauguration as President of the United States, the overall cryptocurrency market has significantly declined and is expected to decrease further, as there are no signs that his tariffs will end soon.
On April 2, a crypto analyst shared an article on X (formerly Twitter), indicating that the outflow price for spot Bitcoin ETFs was $157.8 million, while the outflow for spot Ethereum ETFs was $3.6 million on April 1.
This suggests that investors are pulling their money out of these assets. Large outflows are typically seen as a bearish sign, as they can create selling pressure and lead to further price declines.
Meanwhile, posts on X also indicated that institutions are reducing risk ahead of today’s tariff announcement.
Current Price Momentum
Despite these uncertainties, unlike other cryptocurrencies, BTC and ETH remain positive, with gains of 1% and 0.35% respectively over the past 24 hours.
According to CoinMarketCap data, BTC is trading close to $84,300, while ETH is trading near $1,860. However, with potential downturn signs on the daily charts, the upward momentum in asset prices seems to be fading.
The king coin has successfully retested the breakout of the ascending channel pattern and is now facing a price decline after encountering the 200-day exponential moving average (EMA) on the daily timeframe.
Based on recent price action and current market sentiment, if BTC remains below the 200-day EMA, it is highly likely to drop 6.5% to reach $77,400.
The chart indicates that the key level for BTC is the 200-day EMA on the daily timeframe.
Ethereum Price Analysis and Key Levels
At the same time, Ethereum’s key level is also close to $1,780. If ETH continues to decline and breaches this level, it could fall by 15%, potentially bringing the price down to $1,550.
The daily chart for Ethereum shows that $1,780 is a critical level that could determine ETH’s next move.
Bears’ Sentiment on BTC and ETH
On-chain analytics firm Coinglass data shows that traders are over-leveraged at the time of writing, with key levels at $83,320 and upside at $85,960.
They have built long positions worth $811 million and $941 million, indicating that bears are currently in control.
Furthermore, higher stakes could potentially elevate prices, posing a danger signal for BTC.
On the other hand, traders appear to be very bearish on ETH.
Data indicates that ETH’s leveraged levels are at $1,932 and $1,840, with traders building $541 million in short positions and $185 million in long positions over the past 24 hours.
This suggests that bears are currently in control, likely due to the upcoming tariff announcement.
