ChainThink report, March 19: Ethereum fell to around $2,100, with intraday losses reaching 7%, primarily due to the Federal Reserve's interest rate decision and heightened inflation expectations. In the past 24 hours, total long liquidations across the crypto market amounted to $492.8 million, with over $144 million in ETH long positions forcibly unwound. More critically, data from CoinGlass indicates that if ETH breaks below $2,000, it could trigger leveraged long liquidations exceeding $2.5 billion across all platforms, meaning that sustained short-side momentum could lead to a more severe cascade-style drop in ETH. Additionally, U.S. spot Ethereum ETFs recorded net outflows exceeding $55.5 million on Wednesday, ending a previous streak of six consecutive days of net inflows.

Over the past eight FOMC meetings, ETH declined after seven of them. Typical post-FOMC pullbacks ranged between 16% and 23%, while deeper deleveraging phases saw drops of 33% to 43%.

Technically, $2,100 is the current key support level, aligning closely with the upper trendline of the ascending triangle and the 50-day moving average. If bulls manage to hold this level, the next target lies at $2,575 (100-day moving average), followed by the triangle’s measured move target at $2,700. Should $2,100 be breached, ETH may retest the triangle’s support near $2,000; if further below the 20-day moving average, downside risk extends toward $1,800.