Ethereum price shot up nearly 17% on April 22 and 23, but this optimism is dampened as crypto pundit outlines a potential correction to April 8 swing low of $1,380. This scenario is based on a key fractal that occurred in the past for ETH.
Ethereum (ETH) is down 2.26% today after a near-17% rally between April 22 and 23. The price currently trades at $1,754 after facing a stiff rejection at the 50-day Moving Average (MA). Analysts and traders’ expectation is a bearish short-term Ethereum price prediction before ETH bulls restart the uptrend.
ETH/USDT 4-hour chart
Will Ethereum Price Correct?
As noted above, Ethereum price has hit the blue line at $1,819, which is the 50-day MA. Rejection from this level has led to a 2.26% correction today, which could extend depending on the current state of Bitcoin and the geopolitical tensions due to Trump’s tariffs.
Although the recent uptrend was impressive, the chances of a short-term correction are high. The Relative Strength Index (RSI) just above 50 is producing a top, hinting at a correction, aka a decline in bullish momentum. The lagging Awesome Oscillator (AO) is also approaching the zero line, with receding green histograms, indicating a decline in bearish momentum.
A spike in selling pressure here could drop ETH down to $1,600 which is the 16% rally’s origin.
According to crypto trader RektProof and his Ethereum price fractal, a potential correction that crashes ETH back to the April 8 low of $1,380 is also possible.
Pundit Reveals Revisit of $1,300 is Not Unlikely
In a recent X post, crypto trader RektProof noted an Ethereum price fractal that had a similar uptrend that was followed by a steep correction. The crypto pundit adds “Being mindful with setups incase we start trading below.“
Although RektProof did not explicitly mention that ETH’s value will drop, he is considering the possibility of key levels to watch if the recent run-up may come undone.
ETH/USDT Ethereum price fractal
Key ETH Price Levels to Watch
The first key level to watch is $1,660, which is a level that should hold. If there isn’t proper reaction as price approaches this level, investors can expect price to slide lower.
$1,380 is the next key point of interest, which coincides with higher timeframe equal lows. A sweep of this level is where the fractal suggests Ethereum price could form a bottom and restart the uptrend.
In conclusion, the outlook for Ethereum price is bullish after a near-17% rally, but a potential correction could be incoming. A failure to hold the aforementioned support levels could lead to steep crashes.
Democratic Senator Kirsten Gillibrand has played a significant role in the GENIUS Act, a bipartisan bill that, if passed, will regulate the use of stablecoins in the United States. But, as a lead co-sponsor of the bill, Gillibrand’s involvement in its passage comes with its share of controversy.
In an investigation into campaign financing during the 2024 federal election cycle, BeInCrypto found that the combined donations from individuals associated with prominent crypto firms—including Coinbase, Ripple, Uniswap Labs, Andreessen Horowitz, and dYdX Trading—exceeded $200,000 for the New York Senator’s campaign.
The GENIUS Act: A Step Closer to Federal Stablecoin Regulation
On Monday night, the Senate advanced the GENIUS Act concerning stablecoins by approving a procedural vote. This vote was for cloture, which limits debate and prevents a filibuster.
The road to getting there was difficult. During a previous Senatorial reunion on May 8, the same vote failed to advance to the final round of discussions. Nine Democratic senators – including Gillibrand – retracted their initial support of the bill during that round of debate.
Opposition to the bill stemmed from several concerns. These included inadequate consumer protections, potential risks to national security, and apprehension regarding how the legislation might be affected by or even exacerbate issues related to President Donald Trump’s involvement in different crypto ventures.
During this latest round, some of those Senators, like Delaware Senator Blunt Rochester, decided to greenlight the bill, while others, like New Jersey Senator Andy Kim, remained unconvinced.
What’s certain is that the US is closer than ever to national crypto legislation on stablecoins. Senator Gillibrand’s efforts significantly influenced the road to get here. Her negotiating skills have been instrumental in securing sufficient Democratic support for the bill at every step.
However, her connections to the crypto industry raise questions about her motivations for advocating its passage.
Which Crypto Firms Contributed to Gillibrand’s Campaign?
Gillibrand has been a Senator for her home state of New York since 2009. Last year, she was re-elected to office for a fourth term.
According to OpenSecrets, a non-profit organization that tracks and publishes campaign finance and lobbying data, Gillibrand received tens of thousands of dollars from individuals representing different crypto entities during the last election cycle.
The sum of contributions from donors associated with Coinbase toward Gillibrand’s 2024 election campaign. Source: OpenSecrets.
Under US federal law, corporations generally cannot donate directly to congressional campaigns. This prohibition applies to contributions from a corporation’s treasury funds.
Nonetheless, OpenSecrets monitors contributions from individuals, who are typically required to disclose their employer when donating.
Considering this information, in 2024, contributors associated with Coinbase were the tenth-largest corporate donors to Off the Sidelines, Senator Gillibrand’s leadership PAC. Together, they donated $59,900 to her re-election campaign.
Following its lead, venture capital firm Andressen Horowitz donated $57,000 to Gillibrand’s efforts. In 16th place was Uniswap Labs, where individuals contributed $48,900.
Ripple donors came in 40th place, contributing a total of $32,000. Further down the list was dYdX Trading, donating $19,200.
Gillibrand received $217,000 in total from these different crypto entities. Searching through the Federal Election Commission (FEC) database, BeinCrypto revealed the identities of some of these independent contributors.
Key Individual Donors to Gillibrand’s Leadership PAC
According to data compiled by the FEC, Gillibrand’s leadership PAC received $366,043.12 worth of individual contributions between 2023 and 2024.
Combining these contributions, BeInCrypto found 10 individual donations from prominent figures who listed Coinbase, Ripple, and Uniswap Labs as their employers.
Individual contributors from Coinbase, Ripple, and Uniswap who donated to Off the Sidelines. Source: FEC.
Under the Federal Election Campaign Act, individuals are generally limited to donating $5,000 per calendar year to a traditional Political Action Committee (PAC). This limit applies per election cycle, meaning separate donations can be made for primary and general elections.
Among Coinbase-associated names were CEO Brian Armstrong and Chief Operating Officer Emilie Choi, who donated a total of $8,300 to Gillibrand’s leadership PAC during last year’s primary elections.
In the case of Uniswap, CEO Hayden Adams and Chief Legal Officer Katherine Minarik each donated $3,300. Marvin Ammori, also a Chief Legal Officer, donated a sum of $7,300 on three separate occasions.
BeinCrypto found no individual contributions from dYdX or Andressen Horowitz employees to Gillibrand’s leadership PAC.
Is Crypto Funding Influencing Congressional Impartiality?
Campaign financing from prominent names in the crypto industry, whether from political action committees or individual contributors, became a household activity during last year’s elections.
According to a report by Public Citizen, Behemoths like Coinbase and Ripple Labs each contributed $50 million to Fairshake, the crypto super PAC that spent $119 million during the 2024 federal elections.
In fact, OpenSecrets labeled Fairshake as one of the few Super PACs that qualify as bipartisan committees. Crypto contributions toward Republican and Democratic candidates alike demonstrate the industry’s broad range of investments to achieve a brighter regulatory future for crypto in Washington.
But they also raise questions over the impartiality of congressional representatives like Senator Gillibrand when it comes to voting on legislation that will directly impact the businesses of the very actors who contributed to their political campaigns.
Two prominent industry analysts have turned very bullish on altcoin ETFs, predicting that eight different applications have 90-95% odds of SEC approval.
The assets in question include Litecoin, Solana, XRP, Dogecoin, Cardano, Polkadot, HBAR, and Avalanche. They’re also bullish on a basket ETF but believe that SUI only has 60% odds.
Altcoin Season for ETF Approvals?
Since the Bitcoin ETFs first hit the scene, crypto has irrevocably changed. This first offering was a long and difficult battle, but enthusiasts hoped that Bitcoin would open the floodgates.
NEW: @EricBalchunas & I are raising our odds for the vast majority of the spot crypto ETF filings to 90% or higher. Engagement from the SEC is a very positive sign in our opinion pic.twitter.com/5dh8G8rK6Y
Their top altcoin ETF picks include all the classic contenders like Solana and XRP. The analysts in question, James Seyffart and Eric Balchunas, have been following this race for months.
They previously picked Litecoin as the top candidate, but it’s now a three-way race between these assets.
Five more altcoins are only slightly less likely to win approval. They gave Sui 60% odds due to its uncertain status as a commodity, and didn’t rank Tron. Commentators inquired about several other filings, but they only considered proposals with active Form 19b-4 filings.
So, why are they so optimistic? After all, the SEC has been postponing altcoin ETF applications on all fronts. The important thing to remember is that the Commission is meaningfully engaging with these proposals.
A hostile SEC under Gary Gensler tried to ignore filings for as long as possible, but today’s Commission acknowledges them promptly.
Even if it’s unable to move as quickly as the industry might like, the SEC is still showing encouraging signs. Seyffart theorized that final approval could happen as soon as July or as late as October. Either way, he thinks it’ll happen in 2025.
Luckily, the community has been understanding of these setbacks. For example, popular belief in a successful XRP ETF spiked to 98% earlier this month despite an SEC delay.
It seems now that industry professionals are taking a similarly rosy view of altcoin ETFs. Hopefully, the first approvals will start going through in the near future.
Still, these bullish predictions might not immediately translate into lucrative investment opportunities. As of June 2025, Bitcoin ETFs take up 90% of the sector. Even if all eight of these altcoin ETFs win approval, BTC might continue dominating market share.
