In the last few days of March, the cryptocurrency market showed a sharp downward trend. President Trump announced a tariff increase on April 2nd, along with strong core PCE data, which collectively triggered a severe market downturn. As March comes to a close, the cryptocurrency market is likely to end the month on a bearish note, marking the second consecutive month of declines. In this situation, traders face a critical decision in the upcoming week; they are eager to know whether the market can rebound from recent lows or if it will continue to decline in April.
Bitcoin and Altcoin Market Plummets
Throughout March, the cryptocurrency market experienced a significant downturn, with the total market value dropping 4.3% from $2.79 trillion to $2.67 trillion. As the market leader, Bitcoin was not spared, depreciating by 4.4% during the same period.
Meanwhile, Ethereum, as the leading altcoin, experienced a shocking 21% price drop in March. In the third week, the lawsuit of Ripple against the U.S. Securities and Exchange Commission was dismissed, bringing a glimmer of recovery to the market. Unfortunately, XRP failed to capitalize on this momentum, and its price continued to decline by the end of the month.
Bitcoin Price Prediction
Recently, Bitcoin's price fell below the EMA20 level, dropping to around $81,644. Currently, buyers are trying to push the price back into the upward resistance channel. Meanwhile, bears hope to suppress the price below the key support level of $83,000. If the bears succeed, Bitcoin's price may further decline to $81,000, or even $80,000. However, buyers are likely to make every effort to maintain the price in the range of $76,700 to $80,000.
From a bullish perspective, Bitcoin's price needs to rise and stay within the resistance zone. If Bitcoin's closing price can be above the 50-day simple moving average of $86,000, it may trigger a rebound towards $90,000. If the buying momentum continues, Bitcoin's price is expected to reach $95,000 in April.
Ethereum Price Prediction
Ethereum recently encountered resistance at the EMA20 level and is currently testing the immediate support line. Sellers are attempting to push the ETH/USDT price down to the support area of $1,772.
However, buyers are prepared to firmly defend this price level, as a break below this support level could extend the downward trend, with prices potentially dropping to as low as $1,500.
To reverse the market momentum, buyers need to push the price above the descending resistance line. If successful, Ethereum's price is expected to reach $2,109, laying the foundation for a bullish trend in April, and it may even rise to $2,500.
XRP Price Prediction
XRP is increasingly volatile below the EMA20 trend line, with buyers and sellers unable to establish a clear direction around the $2 mark.
Bears plan to push the price down to the $2 support level, while buyers are also prepared to fiercely defend this price level. If the price falls below $2, a bearish head-and-shoulders pattern will form, and the XRP/USDT price may drop to $1.80. Additionally, this price level could easily be further breached, leading to a decline to $1.30.
Conversely, if XRP rebounds strongly from the $2 support level, the price may fluctuate within a triangular pattern in the short term. If buyers successfully defend the $2 support level, bulls are expected to push the price above $2.50.