In the ongoing tariff war between the United States and other countries, the cryptocurrency market has significantly plummeted. Amid this, Ethereum (ETH), the second-largest cryptocurrency, is on the verge of a major crash.
According to CoinMarketCap data, ETH has lost almost 25% of its value in just five trading days and has reached a make-or-break level.
Ethereum (ETH) Price Action and Technical Analysis
While examining the weekly chart of ETH, it appears that the asset has recently lost its long-held support from the ascending trendline that had been in place since July 2022.
Source: Trading View
Following the breakdown, the asset has been steadily falling, during which it has lost two key support levels at $2,200 and $1,830, and has now reached another critical support level at $1,530.
Ethereum Price Prediction
According to expert technical analysis, if this downside momentum does not stop, the price could crash hard.
The daily chart reveals that if the ETH price fails to hold this support level and closes a daily candle below $1,450, there is a strong possibility it could drop by another 30% to reach its next support level at $1,000 in the near future.
Source: Trading View
Following the continuous price decline, ETH is now trading below the Exponential Moving Average (EMA) on the four-hour, daily, and weekly timeframes, indicating a strong bearish trend.
Current Price Momentum
At press time, ETH is trading near $1,550 and has lost nearly 10.50% of its price over the past 24 hours. However, during the same period, the asset’s trading volume jumped by a record 550%, indicating heightened participation from traders and investors compared to the previous days.
$200 Million Worth of Bullish Bet
This record surge in trading volume includes the liquidation of traders’ short and long positions, recent investor accumulation or sell-offs, and all other ETH-based trading activity.
Despite the massive price crash over the past 24 hours, traders seem optimistic and are strongly betting on the bullish side, according to on-chain analytics firm Coinglass.
Source: Coinglass
Data reveals that traders are currently over-leveraged at the $1,526 support level, having built $201 million worth of long positions. On the other hand, $1,571 is another over-leveraged level, where traders have built $100 million worth of short positions.
While examining these levels and traders’ positions, it appears that the bulls are currently dominating and could potentially liquidate $100 million worth of short positions. However, if the market sentiment continues to remain unchanged, it could also lead to the liquidation of traders’ long positions.
The crypto market has experienced a volatile start to Q2, with many tokens posting significant surges in recent days. Meme coins, in particular, have seen a resurgence, with older tokens gaining traction and newer ones attracting attention.
BeInCrypto has analyzed five meme coins for investors to watch in the coming month and their potential for further growth.
Turbo (TURBO)
TURBO has shown impressive momentum, gaining more than 191% in the past two weeks, now priced at $0.004313. The altcoin is testing key resistance at $0.004842. As one of the best performing meme coins this month, it continues to attract attention from investors, signaling strong potential for future gains.
This surge has provided relief to investors impacted by the February Death Cross. With TURBO standing at a near three-month high, the outlook remains positive if the broader market trends support further growth. A breakout above the resistance could propel TURBO towards the target of $0.006857, offering additional upside.
Failure to breach $0.004842 could lead to a reversal in the trend. A drop below this resistance would likely see TURBO testing the support level at $0.003304. This would invalidate the bullish scenario and potentially erase much of the recent price increase.
Neiro Ethereum (NEIRO)
NEIRO has experienced a notable resurgence, surging by 256% this week alone. Currently trading at $0.0661, the meme coin is at a four-month high. As NEIRO looks to break the $0.0715 resistance, it could see continued upward momentum if broader market conditions remain favorable.
The potential for NEIRO to breach $0.0715 is strong, with the broader market showing bullish trends as Bitcoin approaches $100,000. This could provide the necessary momentum to push NEIRO towards the $0.0845 resistance. A successful test of this level would solidify recent gains and set the stage for a move to $0.1000.
A failure to break through $0.0715 would likely send NEIRO into a bearish correction. In this scenario, the price could fall through key support at $0.0568, possibly testing $0.0446. This would invalidate the current bullish outlook, highlighting the importance of breaking resistance for continued growth.
Brett (BRETT)
BRETT has shown remarkable growth, up 120% over the past two weeks, trading at $0.054. This surge marks a near-three-month high for the meme coin, driven by a shift in market conditions. The rally suggests strong investor sentiment, fueled by the growing interest in Base meme coins.
As the market shifts, BRETT has captured attention, making it one of the more promising altcoins in its category.
With continued momentum, BRETT could break through the $0.058 resistance level, opening the door to further gains. A move toward $0.072 is plausible, especially as hype surrounding Base meme coins intensifies.
This meme coin also reignites the Solana vs. Base meme coin discourse; however, Alvin Kan, COO at Bitget Wallet, told BeInCrypto that this may not be the case.
“Solana still leads. It’s fast, cheap, and has an army of degens ready to mint and trade anything viral. Base is growing, and Coinbase might help push it further, but it hasn’t built the same retail energy yet. As for AI meme coins—they’re interesting, but still feel like a niche inside a niche. For now, Solana memes dominate the meme meta.”
However, a correction could follow if BRETT fails to breach $0.058. The price might drop through the $0.052 support, potentially reaching as low as $0.042. This decline would invalidate the bullish outlook, signaling a shift in market sentiment. Without sustained support above $0.058, the upward momentum may be short-lived, and bearish conditions could prevail.
Official Trump (TRUMP)
TRUMP has captured investor attention, surging 60% this week to trade at $12.14. The meme coin has reignited interest, driven by market speculation. Its rise comes amid increasing excitement around politically fueled volatility, making it a popular pick for traders looking to capitalize on unpredictable market swings.
Although TRUMP failed to secure $12.57 as a support level, the possibility of achieving this level in the coming weeks remains strong. The US President’s influence on market movements, driven by unexpected announcements, could provide the catalyst needed for TRUMP to rise further, potentially reaching $14.53 as it follows broader financial trends.
Failure to hold $12.57 as support could signal a reversal. In this case, TRUMP may see its price drop to $11.44 or $10.29, undermining the current bullish outlook. This scenario would invalidate the positive momentum, with investors needing to monitor key levels for potential price shifts closely.
Pudgy Penguins (PENGU)
PENGU has experienced significant volatility since January, with massive drawdowns following early interest. However, the meme coin has rebounded sharply, gaining 118% over the past two weeks. This recovery has caught the attention of investors, reigniting hopes for further growth and renewed momentum in the altcoin’s price.
Currently trading at $0.00846, PENGU is nearing key resistance at $0.01007. If the meme coin can maintain its bullish momentum, it presents a promising opportunity for investors. A successful break above this level could attract additional buyers, further driving its price and expanding the interest in this resurgent meme coin.
Failing to breach $0.01007 would likely result in a price decline, with support potentially falling to $0.00718. This would erode recent gains and invalidate the bullish outlook, with a further drop to $0.00549.
Ripple’s long-running legal clash with the US Securities and Exchange Commission (SEC) appears to be nearing its final chapter.
However, a surprising detail has emerged from the ongoing settlement talks, which could see Ripple pay its reduced $50 million penalty using its native token, XRP.
Ripple Could Use XRP Token to Pay SEC Fine
On April 11, Ripple CEO Brad Garlinghouse appeared on FOX Business. At the interview, he revealed that the idea of paying the penalty in XRP was floated during settlement discussions.
“The SEC is going to end up with $50 million and the US government gets $50 million and we talked about making that available in XRP,” Garlinghouse stated.
The ongoing negotiations follow Ripple’s and the SEC’s decision to drop their appeals, bringing the multi-year legal battle closer to closure.
“We’re moving past the SEC’s war on crypto and entering the next phase of the market – true institutional flows integrating with decentralized finance,” Garlinghouse added in a post on X.
Judge Analisa Torres originally set the fine at $125 million in 2024, linking it to Ripple’s unregistered XRP sales to institutional investors. Ripple complied by placing the funds in an interest-bearing account, but the appeals process delayed any further action.
Once internal reviews are complete, the parties plan to request a formal ruling from the district court.
“There is good cause for the parties’ joint request that this Court put these appeals in abeyance. The parties have reached an agreement-in-principle, subject to Commission approval, to resolve the underlying case, the Commission’s appeal, and Ripple’s cross-appeal. The parties require additional time to obtain Commission approval for this agreement-in-principle, and if approved by the Commission, to seek an indicative ruling from the district court,” the filing stated.
If the commission votes in favor, this case could conclude one of the most closely watched regulatory battles in crypto history. More importantly, the use of XRP for the settlement could mark a significant shift in the SEC’s approach to digital assets.
This turnaround would represent a major regulatory shift and could trigger further bullish momentum for the token.
Market analysts have linked this performance to the friendlier political climate. They also point to the potential reclassification of XRP as a commodity as a key factor driving the asset’s rise.
