Cryptocurrency Market Cap Declines Amid Macro Uncertainty

The global cryptocurrency market cap has seen a significant decline of 2.37% over the past two weeks, following a brief recovery attempt on March 17. This downturn is largely attributed to macro uncertainty surrounding the ongoing U.S./Israel/Iran conflict, which has dampened appetite across digital asset markets.

One of the altcoins that may be heavily impacted by this trend is Ethereum (ETH). Its price has struggled to hold above $2,000, and with institutional holders stepping away and futures traders positioning net short, ETH's price may face further downside in April. A close below the support at $1,912 could lead to a drop to $1,754.

However, if sentiment improves, ETH could close above $2,145 and surge towards $2,463. Nevertheless, this scenario seems unlikely given the current market conditions.