Ethereum loses the $2000 support level. Can it reverse next week?

The trends of Ethereum and Bitcoin are almost synchronized. Yesterday during the day, they traded sideways between $2050 and $2100, with no clear direction, and both bulls and bears were cautious; by evening, they fell together with Bitcoin, breaking below the psychological threshold of $2000. The decline continued, reaching a low of around $1950 early this morning before stabilizing. Since then, prices have been fluctuating slightly between $1950 and $2000, unable to break through the key resistance level. This drop also caused a large-scale liquidation in the global crypto market, with total liquidations reaching $366 million within 24 hours, indicating significant selling pressure in the market.

Regarding news developments, the non-farm payroll data unexpectedly disappointed, which increased expectations for the Federal Reserve to cut interest rates in June (rising from about 35% to around 50%). However, the probability of maintaining the current interest rate in March remains high at 95%. This dovish outlook has not truly boosted the crypto market. Additionally, the "death spiral" triggered by the liquidation of high-leverage positions further intensified downward pressure, preventing Bitcoin and Ethereum from acting as traditional safe-haven assets. Instead, they exhibited typical risk asset deleveraging characteristics. $BTC $ETH