Despite the recent uptrend, Ethereum price has slowed down its momentum as it enters supply zone. There might be a short-term correction before ETH revisits $2,000 and this could hurt late longs or eager bulls. Data shows nearly $1 billion worth of positions will be wiped if ETH price crashes below $1,731.
Nearly $1B Ethereum (ETH) Longs Face Liquidation Risk
According to CoinGlass’ Liquidation Map data, $973 million long positions will be culled, aka liquidated, if Ethereum price drops nearly 4% to $1,731. These positions are likely FOMO longs that were placed price rallied 15% this week in under two days.
Ethereum Price Crash Could Liquidate $1B ETH Longs
Ethereum Price Analysis: Will Crash First before $2,000?
The four-hour chart shows Ethereum price has hit a supply zone, extending from $1,780 to $1,820, after a 15% rally. Today, ETH’s price trades at $1,795 with the Relative Strength Index (RSI) producing lower lows after hitting the overbought zone, typically indicating a decline in bullish momentum. Over the past month, a decline in RSI inside the overbought conditions has led to corrections. If history repeats, then correction is highly likely for Ethereum (ETH).
However, due to the weekend, ETH price will be volatile, leading to liquidity hunts.
The most amount of pain will be caused if Ethereum price slides down to $1,731 or lower. However, there might be a push to the upside first to liquidate eager shorts before culling the late longs.
Two key levels to watch during the weekend include – $1,840 and $1,890, potentially up to $1,900. A short-term spike into this area to lure longs and liquidate shorts would be the best signal that ETH price is heading lower.
To the downside, Ethereum must manage to hold $1,669 or at least $1,600 to resume its recently developed bullish trend. A failure to do so could spell trouble for ETH bulls.
ETH/USDT 1-hour Chart
CME Ethereum Futures Chart Shows Gap Below
The Ethereum price chart for CME Futures produces gaps due to the markets being closed on the weekends. Popularly called as the “CME Gaps” often get filled as price retraces. The gap at $1,763 is filled after a 15% rally this week. However, this uptrend also created a new gap, which further supports a potential short-term correction for ETH price.
ETH/USDT 1-day CME Chart
A correction that stabilizes between $1,700 and $1,600 could lead be the intermediate higher low that leads to an extended bullish reversal for Ethereum price.
The Solana price is on the verge of rising over the bearish captivity while the bears are utilizing all their strength to push back the levels below $100. The global markets faced a dreadful weekend following Trump’s Liberation Day. The global crypto market cap plunged by over $300 billion but with the beginning of the American trading session, things seem to have turned in favor of the bulls. Bitcoin price reclaims $78,000 while Solana climbs above $100 after marking lows around $95. This suggests the traders utilized the buy-the-dip opportunity, which could pave the way for a decent recovery.
Solana price has been facing massive upward pressure since the start of the year that has dragged the price lower by more than 60%. The token formed constant lower highs and lows, hinting towards the bears holding a tight grip over the rally. In such a scenario, a slight rise in the price may not be considered as a rise above the bearish influence until the pivotal resistance is secured.
Presently, the SOL price is juggling at a threshold, and hence a slight drop below the range could squash the bullish possibilities.
The bears dragged the price below the crucial support levels but the bulls have managed to lift the levels within the range. Despite this, the bearish impact on the rally continues to persist as the Ichimoku cloud has not confirmed a bullish reversal, as the base line and conversion line continue to descend. Meanwhile, the RSI is trying for a rebound, which is yet to be validated and once done, the rebound could be confirmed.
In case of a rebound, the SOL price is required to rise to secure levels above $118, which could squash the bearish possibilities. Otherwise, the possibility of a continued descending trend may drag the levels to the 2024 lows below $80. However, one of the smartest plays during this sell-off is to accumulate a Solana position in anticipation of the SOL ETF later this year.
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The Solana price is on the verge of rising over the bearish captivity while the bears are utilizing all their strength to push back the levels below $100. The global markets faced a dreadful weekend following Trump’s Liberation Day. The global crypto market cap plunged by over $300 billion but with the beginning of the …
Binance has recently expanded trade offerings for Hyperlane (HYPER), SIGN, Initia (INIT), KERNEL, and WalletConnect (WCT) tokens. Via an official press release on Wednesday, April 30, the crypto exchange revealed that it is adding these tokens as new loanable assets on VIP Loan.
Meanwhile, traders and investors are left speculating whether the enhanced trade offering could impact the assets’ prices. At the time of reporting, 4 of these tokens witnessed a waning price action, whereas one extended intraday gains to nearly 30%.
Binance Enhances Support For HYPER, SIGN, INIT, KERNEL, and WCT
As per an official Binance announcement dated April 30, the CEX has added HYPER, SIGN, INIT, KERNEL, and WCT as new loanable assets on VIP loan. This announcement has ignited an optimistic market sentiment for the tokens, given that the new offering could enhance the tokens’ utility.
The 5 cryptos mentioned above could witness a surge in demand with this new offering on one of the top crypto exchange globally. Further, even liquidity remains primed to improve, thereby driving more trading for the coins. The upshot? broader sentiments about future price movements remain somewhat optimistic amid a broader bullish market.
However, despite the new offering by the CEX that boosted the market sentiment and exposure of these tokens, 4 out of 5 have witnessed a price fall. CoinMarketCap’s data signaled that KERNEL price dipped 5% intraday despite the enhanced exposure, closing at $0.1757. Further, the weekly chart for the token also illustrated a 10% crash, undermined by the broader market’s recent gains.
Similarly, HYPER price erased nearly 3% intraday and lost 27% over the week to reach $0.1963. WCT price also fell roughly 2% over the day and 4% over the week, reaching $0.3942. Even SIGN price fell 18% to $0.1016 intraday despite the abovementioned offering and numerous other token offerings from Binance. However, this crypto pumped nearly 50% over the week, reflecting optimism in light of listings on major CEXs.
Besides, INIT price has pumped by a remarkable 28% over the day and is currently sitting at $0.8482, undermining the other 4 crypto.
The state of security across the crypto and blockchain space has changed significantly in the past few months. Traditional smart contracts exploited or brute force attacks on blockchain networks are being superseded by crypto scams like rug pulls and pump-and-dump schemes.
BeInCrypto spoke with a spokesperson from security firm CertiK to understand how blockchain and security threats are evolving and how projects and users can safeguard against future exploits.
Social Media Hacks on the Rise
Over the past few months, the crypto community has seen a rise in social media-related hacks. This increasingly common tendency has pivoted away from the orchestration of more sophisticated blockchain attacks that have traditionally plagued headlines.
Whereas smart contract exploits or blockchain hacks require more knowledge, hackers have found an easier avenue by targeting social media accounts instead.
X (formerly Twitter) has quickly become the social media platform of choice among Web3 hackers.
Social Media is Now a Prime Target for Web3 Hackers
After US President Donald Trump launched his meme coin only two days before assuming office, hackers began to take advantage of the hype to hack high-profile X accounts and convince followers to invest in scam meme coins.
Last month, anonymous hackers took over the X account of the former Malaysian Prime Minister Mahathir Mohamad to promote MALAYSIA, a fake meme coin promoted as the country’s official cryptocurrency.
The post was removed within an hour, but the damage was done. Analysis shows that these hackers were probably related to the infamous Russian Evil Corp and that they stole $1.7 million in this rug pull.
The MALAYSIA token scam happened only two weeks after hackers exploited former Brazilian President Jair Bolsonaro’s social media account. In that instance, scammers promoted the BRAZIL token, which rose over 10,000% in minutes, netting the scammers over $1.3 million.
These scams have also affected technological companies.
Attacks on Tech Companies
In December, AI research and development company Anthropic also saw its X account hacked. A fraudulent post claimed that a fake token called CLAUDE would incentivize AI and crypto projects and included a wallet address for investors.
Attackers managed to collect around $100,000 from speculative investors.
These situations also highlight a broader issue of weak account security on social media platforms. As a result, even prominent individuals are susceptible to security breaches that directly affect the crypto community.
TRUMP Meme Coin Launch Was a Catalyst For Crypto Scams
“Now is the time to talk about the fact that large-scale political coins cross a further line: they are not just sources of fun, whose harm is at most contained to mistakes made by voluntary participants, they are vehicles for unlimited political bribery, including from foreign nation states,” Buterin claimed.
Buterin highlighted the tokens’ role in enabling scams and political corruption in crypto and blamed a regulatory loophole former SEC Chair Gary Gensler created for allowing bad actors to exploit governance tokens.
However, these crypto scams extend beyond political themes.
Growth of Social Engineering Exploits
A week after Buterin cautioned against political meme coins, a Coinbase user lost $11.5 million after falling victim to a social engineering scam on Base.
Crypto sleuth ZackXBT uncovered the exploit, pointing out that this incident is part of a growing trend, with multiple Coinbase users suffering similar losses. He also estimates that crypto scams of this nature have drained at least $150 million from Coinbase customers.
“Coinbase has a serious fraud problem. I just uncovered many more recent thefts from Coinbase users. The $150 million stolen from Coinbase users in a year is just from thefts I independently confirmed. So it’s more than likely multiples of this number,” ZachXBT stated.
In social engineering scams, attackers use phishing emails, spoofed calls, and other deceptive tactics to trick victims into revealing private keys or login credentials. Once they gain access, they drain wallets, move funds, and take control of accounts.
For CertiK, these situations stipulate the need for stronger security measures.
Addressing these security challenges is crucial as new crypto projects increase exponentially.
Prioritizing Proactive Security in a Rapidly Growing Industry
The Web3 sector is experiencing consistent growth, marked by a surge in new crypto project launches. This innovative momentum is expected to continue, but it’s also fueling security concerns.
Notably, the increasing rate of scams and hacks in the first three months of 2025 makes it clear that security efforts are struggling to keep up with innovation.
A study by Precedence Research estimates the Web 3.0 market will expand from USD 4.62 billion in 2025 to approximately USD 99.75 billion by 2034, with a projected compound annual growth rate (CAGR) of 41.18% during that period.
Predicted market size of Web3 in the next ten years. Source: Precedence Research.
Yet, CertiK believes that project developers are pushing security considerations toward the end of the priority list.
As the Web3 ecosystem evolves, a proactive and adaptive security approach is critical. Prioritizing both blockchain integrity and social media vigilance will be essential for safeguarding the growing Web3 ecosystem.
The battle against these exploits requires a future where security is not an afterthought but a foundational pillar of every Web3 project and user interaction.
