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Ethereum Price Eyes Key Resistance as Analysts Warn of Drop to $1,700
Ethereum price is approaching a key technical level that has historically acted as a barrier to upward price movement. According to recent technical analysis, this resistance zone has triggered past reversals, and analysts caution that another failure to break above could lead to a downward correction. The altcoin is trading within a descending channel, a pattern typically associated with bearish trends. While some analysts remain optimistic about a potential rebound, others warn that the next move could push ETH price lower, targeting a key support of $1,700.
Analysts Warn of Ethereum Price Potential Fall to $1,700
According to a recent analysis, Ethereum price is nearing a resistance zone at $2,200. This level coincides with the upper boundary of a Descending Channel. Technical analysts consider this pattern bearish. Price movements within the channel have shown lower highs and lower lows, indicating downward pressure.
Crypto analyst MadWhale shared a chart showing Ethereum trading close to this critical resistance. Previous interactions with this level have led to downward reversals. The analyst suggests that failure to break this zone may trigger a 13% decline. The projected target is $1,700, a level that has previously served as support.
More so, another recent analysis shows that ETH/BTC is currently testing a critical support zone last seen in late 2020, raising the possibility of a trend reversal after years of decline. This technical setup, combined with record-high futures open interest of 10.23M ETH, signals a rising potential for a rebound.
Technical Indicators Support a Bearish Outlook
The Ethereum price chart also shows weakening bullish momentum. A rounded top pattern is forming near the resistance. This technical formation suggests that buying pressure is declining. Volume analysis reveals that trading activity is inconsistent, with low participation during recent gains and higher volume during declines.
Lower highs on the daily chart further support a potential downward continuation. These are typical in bearish trends. Traders are advised to monitor for signs of increased selling pressure. Confirmation of a rejection, such as a bearish candlestick pattern or rising sell volume, could strengthen the case for a decline toward $1,700.
According to the Moving Average Convergence Divergence (MACD), ETH is currently showing signs of waning bearish momentum as the MACD line is approaching a bullish crossover with the signal line. If this crossover occurs and is supported by increasing histogram bars, it could indicate a potential price rebound for the top altcoin.
Alternate Scenario: Analyst Forecasts Bullish Targets
While bearish indicators persist, some market observers maintain a positive view. Analyst Patron has outlined three possible bullish price targets. According to his analysis, if the top altcoin holds support near $1,980, a short-term rally could occur. His initial target is $2,296, reflecting a potential increase of over 15%.
Further upside targets include $2,913 and $4,000. These projections assume that current support holds and momentum shifts in favor of buyers. The analyst’s outlook is based on Ethereum price recovering from recent lows and reclaiming previous highs. This scenario would challenge the bearish narrative if confirmed by increased volume.
At press time, the crypto is trading at $1,999.75, marking a 1.20% gain over the past 24 hours. Despite the price uptick, trading volume has dropped sharply by 37.37%, indicating a possible divergence.
Ronny Mugendi
Ronny Mugendi is a seasoned crypto journalist with four years of professional experience, having contributed significantly to various media outlets on cryptocurrency trends and technologies. With over 4000 published articles across various media outlets, he aims to inform, educate and introduce more people to the Blockchain and DeFi world. Outside of his journalism career, Ronny enjoys the thrill of bike riding, exploring new trails and landscapes.
Disclaimer: The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
Solana price could be heading toward a major drop, according to crypto analyst Ali. In a recent analysis, Ali suggested that SOL might be retesting the breakout zone from a right-angled ascending broadening pattern.
Analysis Points to Downside Potential For Solana Price
Ali’s SOL analysis expects the price to drop to $65. This bearishness comes after a period of price weakness for Solana. SOL’s price fell by 1.2% in the last 24 hours, according to recent figures.
For all we know, #Solana $SOL might be retesting the breakout zone from a right-angled ascending broadening pattern, with the $65 target still in play. pic.twitter.com/vujFJQWurz
— Ali (@ali_charts) April 16, 2025
The prediction arrives at a time for the Solana network when Canada will launch Solana ETFs today after regulatory approval by the Ontario Securities Commission (OSC).
Ali’s technical analysis focuses on a right-angled broadening ascending pattern that has appeared on Solana’s price chart. SOL, according to the analyst, is re-testing the breakout pattern area, and this could be an indication of more downside action if the level fails to act as support.
This bearish outlook is shared by some other analysts in the crypto space. SatoshiOwl noted that Solana is not looking good and that it is breaking down from trendline on 1h. However, the analyst cautioned that confirmation was still needed from 1-hour and 4-hour candle closings. The analyst suggested that Solana might retest $120 first before possibly moving higher.
Not all analysts share this bearish view, however. Trader David identified what he described as bullish signs for SOL as this channel continues to move upward. He pointed out that after a 33% correction, Solana is now on a strong support level. He expressed hope that the token will reach new heights again.
Bullish signs for $SOL as this channel continues to move upward.
Hopefully we will see Solana on heights again. After 33% correction it is now on a strong support level.#Crypto #CryptoEducation pic.twitter.com/Pvj6RAC0WS
— David (@David_W_Watt) April 16, 2025
Canadian ETF Launch Could Provide Institutional Access
Despite the bearish technical outlook from some analysts, Solana is experiencing a potentially positive development on the institutional front. The Ontario Securities Commission (OSC) has approved multiple ETF issuers to list Solana-based products in Canada, including Purpose, Evolve, CI, and 3iQ.
This regulatory clearance sets the stage for Solana ETFs to come to market. This may make the cryptocurrency available to a new generation of institutional investors who would rather have regulated investment products rather than direct exposure to cryptocurrency. The timing of this news is interesting, as it is happening during technical uncertainty in the price action of Solana.
Bloomberg ETF analyst Eric Balchunas provided some background on the upcoming launches. He clarified that Canada is preparing spot Solana ETFs to launch this week after the regulator waved the green flag to multiple issuers. He added that the ETFs will also offer staking through TD.
But the initial market reaction to this news has been muted, with the Solana price showing little positive momentum in response to the much-awaited launch of the ETF. CoinGape has also released an extensive Solana prediction for April 2025.
Vignesh Karunanidhi
Vignesh Karunanidhi is a seasoned crypto journalist with nearly 7 years of experience in the cryptocurrency industry. He has contributed to numerous publications, including WatcherGuru, BeInCrypto, Milkroad, and authored over 10,000 articles
Disclaimer: The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
The Mantra (OM) token price has surged after founder JP Mullin announced plans for a massive token burn. Mullin clarified that he intends to burn his personal team token allocation and implement a “comprehensive burn program for other parts of the OM supply.”
OM Pumps After Founder’s Burn Announcement
The OM token, which had experienced a major price drop over recent weeks, jumped from a low of $0.5115 to as high as $0.8706 following Mullin’s statement on X.
This announcement comes as OM has seen price drops of 87.0% over the past week. CoinGape has released a Mantra OM price prediction for April 2025, which could give you an idea of how the token can perform this month.
Mantra has initially shelved 300 million OM tokens for its team and core contributors. This accounts for 16.88% of the token’s nearly 1.78 billion total supply. These tokens are currently locked and were scheduled for a phased release between April 2027 and October 2029.
To be 100% clear, I am stating that I am burning MY team tokens, and we will create a comprehensive burn program for other parts of the OM supply. https://t.co/Yy6GzRBbM8
— JP Mullin (🕉, 🏘️) (@jp_mullin888) April 16, 2025
The planned burn could possibly take out a huge quantity of these tokens from the market for good. A decentralized vote could decide if all 300 million team token issuance needs to be burnt, as proposed by Mullin.
The announcement has been followed by various reactions from the Mantra community. Some members of the community believed that Mullin’s commitment was a positive development for token valuation, while others were concerned about having long-term issues.
Crypto Banter founder Ran Neuner warned against the move: “Burning the incentive may seem like a good gesture but it will hurt the team motivation long term.”
Mantra Refutes Allegations Following Price Collapse
Mullin’s token burn announcement comes at a difficult time for the project. The company has vehemently denied reports that it holds 90% of OM token supply. It has also rejected allegations of market manipulation and insider trading submitted by some community members.
Mantra explained that the latest price drop of OM occurred due to “reckless liquidations” and not due to anything the team had done. The recent history of the token indicates the size of this drop, with the charts reflecting a nearly 90% decline in value over the past month.
Major cryptocurrency exchanges OKX and Binance both experienced major OM trading activity immediately before the token’s collapse. However, both platforms have denied any wrongdoing in relation to the price crash. Binance mentioned that the crash was mainly due to cross-exchange liquidations.
They attributed the collapse to tokenomics adjustments that were made during October 2024 and abnormal market volatility that ultimately led to high-volume cross-exchange liquidations on April 13.
Vignesh Karunanidhi
Vignesh Karunanidhi is a seasoned crypto journalist with nearly 7 years of experience in the cryptocurrency industry. He has contributed to numerous publications, including WatcherGuru, BeInCrypto, Milkroad, and authored over 10,000 articles
Disclaimer: The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
Crypto Market Update: The digital assets continue to bleed as the US President Donald Trump slapped up to 245% tariff on Chinese goods. The intensifying trade war and macroeconomic concerns have continued to weigh on the investors’ sentiment, wiping off the previous gains from the digital assets space. Bitcoin price today slipped more than 2% while ETH, XRP, SOL, DOGE, and Cardano prices fell between 4% and 7%.
Crypto Market Update: Trump’s 245% Tariff On China Sparks Concerns
The crypto market slipped today after US President Donald Trump escalated the long-standing trade war with China by imposing a fresh 245% tariff on a wide range of imports. According to a White House document released in the late US hours on Tuesday, the move targets critical minerals and related products, citing national security and economic resilience as key reasons.
Meanwhile, the fact sheet stated that China now faces tariffs of up to 245% following its “retaliatory actions” and lack of cooperation. However, this is not the first volley in the tariff saga, as it continued to dampen the crypto market sentiment over the past few weeks.
Trump’s Tariff On China
For context, it began with a 20% levy, followed by a 34% hike on April 2nd. As tensions grew, Trump raised the rate again, reaching 104%. In response, China imposed an 84% tariff on the US goods.
Trump responded by increasing the US tariff to 125%. However, it has excluded certain tech products from China, which has boosted market sentiment. However, just last week, China matched that level, lifting its tariffs to 125%. The situation escalated dramatically this week with the 245% blanket tariff.
The White House cited the need to protect America’s defense sector, tech advancement, and infrastructure. As per Reuters, China exports over $400 billion worth of goods to the U.S. annually — far more than any other country. The impact of this aggressive move is now spilling over into the financial sector, including the crypto market.
How Crypto Prices Are Performing?
The global crypto market cap lost more than 2.3% from yesterday to $2.63 trillion while its one-day volume fell 6% to $73.89 billion. Besides, the fear and greed index showed a reading of 29, indicating a “Fear” momentum hovering in the market.
Notably, BTC price today fell nearly more than 2.5% to $83,368.76, while ETH price fell about 5% to $1,566. On the other hand, XRP price today was down nearly 4% to $2.04 and SOL price slipped more than 3% to $124.89.
Simultaneously, Cardano price today slipped nearly 7% to $0.6032. In the meme coins segment, DOGE price was down around 5% to $0.1528 and SHIB’s value lost around 3% to $0.00001160.
Bitcoin Whale Continues To Dump Amid Crypto Market Woes
The recent slump in BTC price also comes as Bitcoin whales appear to be losing confidence in the asset’s potential amid an intensifying trade war. Besides, speculations are also high that the whales are booking profit, reflecting a waning risk bet appetite of the investors. The US vs China tensions amid Trump’s tariff policies have weighed on the investors’ sentiment, causing a massive selloff in the market.
For context, renowned analyst Ali Martinez recently highlighted the selling trend. In a recent X post, Martinez said “Whales have been taking profits during the recent rally.” According to him, the whales have offloaded more than 29,000 BTC from April 9.
Rupam Roy
Rupam is a seasoned professional with three years of experience in the financial market, where he has developed a reputation as a meticulous research analyst and insightful journalist. He thrives on exploring the dynamic nuances of the financial landscape. Currently serving as a sub-editor at Coingape, Rupam’s expertise extends beyond conventional boundaries. His role involves breaking stories, analyzing AI-related developments, providing real-time updates on the crypto market, and presenting insightful economic news.
Rupam’s career is characterized by a deep passion for unraveling the complexities of finance and delivering impactful stories that resonate with a diverse audience.
Disclaimer: The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
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