The crypto market has remained quite steady over the weekend with no significant movement movements across the top cryptocurrencies. This steady movement across the market is majorly caused by cautious market activity as a key week lies ahead. 

On Wednesday September 17, the US Federal Reserve is set to give a decision on the monetary policy, with the September rate cut decision expected after the FOMC meeting. Market participants are betting on either a 25bps or 50bps rate cut come Wednesday. However, in case of a twist and the Fed fails to cut interest rates once more, the financial markets – including crypto market – could crash. 

Crypto Market Cap Consolidates

With investors now indecisive ahead of the FOMC meeting, capital inflow into the crypto market has slowed down. Because of this, the total crypto market cap (TOTAL), has dipped slightly. As of this writing, data by TradingView shows that the market has lost $6.02 billion over the last 24 hours. However, this only marks a 0.15% dip sitting at $4.01 trillion.

Nonetheless, while the market has dipped slightly it remains rather steady. But in case bulls fail to defend the current level, the market could drop below $4 trillion. Immediate support lies at $3.98 trillion but a deeper dive could see the market dip to $3.92 trillion or even lower to $3.82. 

But, in case the market remains above $4 trillion and bulls pick up pace, the crypto market could edge higher. The market is currently facing resistance around $4.06 trillion. A breach of this level could open the door for a rally towards a new all-time high above $4.14 trillion. 

Bitcoin Holds $115,000

With the crypto market remaining steady, Bitcoin has also expressed steadiness above $115,000. As of this writing, the daily chart on TradingView shows that Bitcoin (BTC) is trading at $115,961, up less than 0.5% over the last 24 hours. Potentially, BTC could be consolidating around this level before determination of the next trend. 

If Bitcoin fails to maintain the current level, it could potentially move downwards. The coin is facing immediate support at the $115,091 level. A dip below this support could push BTC lower towards the next support at $112,842 or even lower to $110,160. 

On the other hand, bulls regaining control could push Bitcoin higher. However, the $117,404 level could act as resistance for such a rally. Once this level is breached, BTC could rally to $120,000, continuing the bullish momentum experienced earlier last week. 

Ethereum Risks Falling Below $4.6K

While the general crypto market and Bitcoin have remained steady, Ethereum has retraced over the last 24 hours. Ethereum faced resistance and has since dipped, even though slightly. As per the daily chart on TradingView, Ethereum (ETH) is currently trading at $4,666 down by over 1% on the day. 

If Ethereum continues to dip, it could drop below $4,600. At the moment, support lies around $4,605 and a breach of this level could see ETH drop even more. The next support sits at $4,420 in case Ether dips further. 

However, a shift in momentum could see Ethereum edge to the upside towards its all-time high. Surging past the resistance at $4,778 could push the price of the coin higher towards the ATH at $4,947. A breach of this level could finally push ETH to the much awaited psychological $5,000 mark.