ChainThink reports that on March 19, according to Cointelegraph, Ethereum dropped to around $2,100, falling 7% intraday, primarily due to the Federal Reserve’s interest rate decision and rising inflation expectations. Over the past 24 hours, total long liquidations in the crypto market reached $492.8 million, with over $144 million in ETH long positions forcibly liquidated. More critically, CoinGlass data shows that if ETH falls below $2,000, it could trigger over $2.5 billion in leveraged long liquidations across all exchanges, indicating a heightened risk of a cascading decline if short-selling momentum persists. Additionally, U.S. spot Ethereum ETFs recorded net outflows of over $55.5 million on Wednesday, ending a six-day streak of net inflows.
In seven of the last eight FOMC meetings, ETH declined following the announcement. Typical post-FOMC pullbacks range between 16% and 23%, with deeper deleveraging phases seeing declines of 33% to 43%.
On the technical side, $2,100 is the current key support level, coinciding with the upper boundary of the ascending triangle and the 50-day moving average. If bulls can hold this level, the next target is $2,575 (the 100-day moving average), followed by the triangle’s measured target at $2,700. If $2,100 is broken, ETH will retest the triangle’s lower support near $2,000; a further break below the 20-day moving average could expose it to a drop toward $1,800.