Cryptocurrencies rebound as Bitcoin and Ethereum surge, with Ethereum rising as tariff delays boost market confidence


Ethereum nears a breakout of the $1,720 EMA with SEC and Pectra updates as potential catalysts.


Ripple tests resistance at $2.25; Ripple lawsuit outcome crucial to upside.


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The recent uncertainty stemming from global trade wars has dampened risk appetite and severely impacted the cryptocurrency market. The overall cryptocurrency market cap fell to record lows in the first week of April, undoing all the gains generated by the Trump rally.


Meanwhile, Bitcoin's price rose 15% to $85,000 after falling below $75,000. Among large-cap altcoins, Ethereum recovered by nearly 20%, BNB by 15%, XRP by 30%, and SOL by 30%.


However, given the downward trend since December, the current rebound does not yet indicate a clear trend reversal. Nevertheless, technically critical levels have been reached, and the possibility of a new trend breakout is increasing.


Cryptocurrencies began to recover after US President Donald Trump announced a 90-day moratorium on tariffs. This helped ease market pressure and boost investor confidence. News over the weekend regarding potential tax breaks for the tech sector also helped lift sentiment. However, there is still a lot of confusion and conflicting information surrounding the matter.


At this point, despite the ongoing uncertainty surrounding tariffs, the fact that markets have largely priced in these developments and the lack of new negative news could create an opportunity for a short-term recovery.


Ethereum Gains Support


Ethereum continues to move within a descending channel pattern. Finally, with buying from the $1,420 mid-level, which corresponds to the lower band of the channel, Ethereum rose to $1,600. However, the recovery slowed in the middle band of the channel.


For the recovery to continue, the 21-day EMA (the $1,720 mid-level) corresponding to the middle band is crucial. A daily close above this level could be an important signal for an upside move. In this case, with a test of the $1,900 level and a breakout of the channel to the upside, Ethereum could head towards the $2,200-$2,400 range.


On the other hand, selling pressure at $1,700 could push Ethereum to its lowest levels below $1,400. Two important developments could impact the Ethereum market in the coming period: the postponement of the Pectra update and the SEC's postponement of its decision to hold Ethereum ETFs until June. If these developments pan out, they could be important catalysts for Ethereum.


Ripple XRP Stuck at Critical Thresholds


Ripple has rebounded to the $2 level after falling to $1.62 in recent days. However, the upside is limited by the $2.15 resistance level. Currently, $2.11 stands out as support and $2.25 as resistance.


A sustained Ripple price above $2.25 could put the $2.36, $2.50, and $2.75 targets on the technical agenda. Otherwise, the $2 level will act as critical support. If this point is broken, the price could drop back to the $1.60-$1.80 range and then to $1.15.


If the deal is formalized in Ripple's ongoing lawsuit with the US Securities and Exchange Commission, it could be a significant bullish catalyst for XRP. However, uncertainty remains, and potential selling pressure remains on the table.


Price Pressure on BNB


Although BNB tested below $550 in the first quarter of the year, support was maintained with buying from this area. Technically, this level remains a critical minimum. However, the downtrend has continued, with lower peak formations continuing to rise.


The recent recovery appears to have stalled in the $585-$590 range. Breaking this area and surpassing $615 could be the start of a short-term uptrend. Otherwise, the price is likely to head back towards $550 and oscillate within the triangle formation range. This movement should be carefully monitored as it approaches the pattern's boundary levels.


SOL Completes Double Top Pattern


SOL completed the $260 double top pattern it formed in November and January, and then dropped to $100 in February. In the process, the neckline at $180 was broken, and the target dropped to the levels required by the pattern.


While the recovery process began with reactive buying from $100, the cryptocurrency finally signaled strength by breaking the $125 resistance. This level is now being watched as the nearest support level. Above, $140 stands out as a critical resistance area.


If $140 is surpassed, the $160, $180, and $200 levels could be potential targets. However, if the $125 support level is broken, there is a risk of a drop below $100.


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