Asset manager Bitwise has made its next move in a bid to offer a NEAR ETF, filing its S-1 form with the US Securities and Exchange Commission (SEC). This development provides a bullish outlook for the Near Protocol price, with institutional investors gaining exposure to the altcoin through this fund.
Bitwise Registers NEAR ETF Filing With US SEC
A SEC filing shows that Bitwise has registered its proposed NEAR ETF with the US SEC. This move is part of the plans to launch a fund that will directly track the value of the Near Protocol price and provide investors with exposure to the altcoin.
This comes following the asset manager’s registration of the Near Protocol ETF in Delaware. Following this filing, the firm will now move to file a 19b-4 form for the ETF with the Commission through an exchange. This will officially kickstart the approval process as the exchange declares its intention to list and trade the fund on its platform.
The Commission already has several filings for other altcoin ETFs on its desk, including ones from Bitwise. Bitwise has already filed for Solana, XRP, Dogecoin, and Aptos ETFs.
However, the SEC has shown it is in no hurry to approve these funds despite the regulatory-friendly environment that the Commission has created under this new administration. The agency has so far delayed its decision on all other crypto ETFs, with the latest being Canary Capital’s Litecoin ETF filing.
Insight Into The Altcoin’s Current Price Action
Amid Bitwise’s NEAR ETF filing, crypto analyst Lycus has provided insights into the Near Protocol’s current price action. He remarked that the altcoin’s price appears to be stabilizing above the $1.75 support zone.
The analyst added that if it can reclaim the $3.70 resistance, there could be a price surge towards the $5 level. Lycus affirmed that the NEAR price is showing strong support and advised market participants to wait for a small wick around $2.65 if they are planning to accumulate.
Ethereum opened trading at $1,913 on Wednesday, March 19, consolidating within a 5% range below the $2,000 resistance as investors awaited the U.S. Federal Reserve’s rate decision.
Bitcoin Extends Lead Over Ethereum (ETH) by 30% in Three Weeks
Ethereum price has remained trapped within a narrow range below $2,000, weighed down by uncertainty surrounding the Hoodi update and the Federal Reserve’s monetary policy stance.
While Ethereum was once projected to surpass Bitcoin in market capitalization, thanks to its decentralized finance (DeFi) and smart contract capabilities. However, Bitcoin has widened the valuation gap, outperforming ETH significantly in recent weeks.
BTC/ETH Ratio | March 18, 2025 | TradingView
The BTC/ETH ratio, which tracks the relative performance of both assets, hit a record high of 44.6 on March 14. With Bitcoin trading at $83000 and Ethereum at $1,900, 1 BTC can now purchase over 44 ETH, up 30% from the 1:33 ratio observed at the recent lows of February 25.
Ethereum DeFi Ecosystem Sheds $29 Billion in 30 Days
Ethereum’s sharp devaluation can be attributed to two key factors. Firstly, Trump’s new trade tariff policies have rattled global markets, prompting crypto investors to seek safety in Bitcoin over Ethereum.
Secondly, ETH price has struggled with network scalability issues and failed updates, which have dampened investor confidence.
Historical data suggests that Ethereum’s devaluation has accelerated after the Ethereum Merge, with multiple failed network upgrades pushing ETH supply above pre-Merge levels.
The Ethereum Foundation attempted to regain control by reshuffling leadership in February, yet investor sentiment remains bleak following the disappointing Pectra and Hoodi updates.
Ethereum TVL, March 19 2025 | Source: DeFiLlama
For context, Ethereum DeFi’s total value locked (TVL) was $118 billion on February 19.
However, as per DefiLlama data on March 19, that figure has now plunged to $89 billion, marking a $29 billion capital outflow—25% of the total deposits within Ethereum’s DeFi ecosystem.
This aligns with ETH’s 30% price decline, reinforcing Bitcoin’s dominance as the BTC/ETH trading ratio hit fresh highs.
Bearish Outlook for ETH in the Days Ahead
The $29 billion drop-off in Ethereum’s DeFi TVL, coupled with continued scalability struggles ahead of the Fed rate decision heigtens bearish risks ahead. As liquidity dries up in the DeFi ecosystem, ETH coins previously locked in smart-contracts trickle into the short-term market supply.
Hence, if the capital outflows persist, ETH could face further downward pressure, potentially retesting the $1,500 support zone. Additionally, with Bitcoin dominance widening, ETH price risks losing more market share in the near-term especially if US Fed rate decision falls below market expectations on Wednesday.
Ethereum Price Forecast: Bears Must Hold $2,100 Resistance to Avoid Major Liquidations
Ethereum price forecast signals lean neutral as it consolidates near $1,941 after a prolonged downtrend, with key technical indicators signaling potential volatility ahead.
The 50-day Exponential Moving Average (EMA) at $2,413 and the 100-day EMA at $2,695 indicate a bearish trend, while the 200-day EMA at $2,851 reinforces long-term resistance.
Ethereum remains firmly below these moving averages, highlighting persistent selling pressure. However, a bullish reversal could emerge if buyers regain momentum above short-term resistance levels.
Ethereum price forecast
The Bearish Balance Power (BBP) indicator at -107.25 suggests that sellers have dominated price action, maintaining downward pressure over the past month.
The recent series of lower highs and lower lows further confirm bearish market structure. However, decreasing volume on red candles implies that selling momentum may be weakening, leaving room for a potential relief rally.
A breakout above $2,100 could trigger a short squeeze, forcing bears to cover positions, which may result in a rapid move toward $2,400-$2,500 before an ultimate correction.
If the U.S. Federal Reserve’s rate decision on Wednesday sparks a positive market reaction, Ethereum could swiftly breach $2,100, invalidating the bearish outlook and exposing short sellers to significant liquidations.
Failure to reclaim this level, however, could lead to another retest of $1,700-$1,500, extending the current downtrend.
The XRP price slumped in the first quarter even after some notable Ripple news, including the end of the SEC case and its ecosystem growth. Ripple was trading at $2.2 on April 1, down by 35% from its highest level in 2025. There is a risk that the XRP coin will crash soon, even as the Ripple USD (RLUSD) volume to total value locked (TVL) jumped.
Ripple USD (RLUSD) Volume to TVL Has Jumped
One of Ripple’s strategies to grow its ecosystem has been the launch of RLUSD, a regulated stablecoin. Ripple hopes that its regulation and transparency will help to dethrone Tether and USD Coin.
Recent data shows that RLUSD stablecoin is still a small player in the stablecoin industry. It has a market cap of over $243 million, a tiny amount in an industry valued at over $237 billion.
However, a closely watched metric shows that RLUSD is in a good place. It has a volume-to-total value locked (TVL) of 37%. This figure is much higher than that of other stablecoins. For example, USDC has a ratio of 14.26%, while Tether is slightly behind at 34.5%.
RLUSD Stats
A higher ratio means that RLUSD holders use it to handle daily transactions. It also means that a higher liquidity is provided to facilitate trading. A stablecoin with a low ratio means that it is not being used.
RLUSD has become the biggest player in the XRP Ledger network, with the other notable players being Sologenic, Crypto Trading Fund, Coreum, and XRP Army.
XRP price has also lagged despite other bullish catalysts. The SEC has ended its Ripple case, while many companies have applied for a spot XRP ETF. Further, Ripple is working to become the best alternative to SWIFT, a network that handles billions of dollars each day.
XRP Technical Analysis Points to a Potential Crash
While Ripple has some solid fundamentals, there is a risk that it will have a strong downtrend in the coming weeks. There is a risk that the XRP price is about to form a death cross pattern as the spread between the 50-day and 200-day Weighted Moving Averages (WMA) narrows. A death cross is a highly risky pattern in technical analysis.
The other risk is that the Ripple price has formed a head and shoulders pattern, whose neckline is at around $2. This price coincides with the 50% Fibonacci Retracement, which is drawn by connecting the lowest point in 2024 and highest level this year.
XRP Price Chart
XRP Price Targets
Therefore, a drop below this neckline will be a victory for bears, who will trigger panic selling. More downside will push the token downwards, potentially to the $1.5, the 61.8% Fibonacci Retracement level.
The bearish Ripple price forecast will be canceled if the coin surges above right shoulder point at $3. Such a move will likely trigger a jump to the YTD high of $3.4, followed by the psychological point at $5.
