As of April 17, 2025, the cryptocurrency market was in a state of careful consolidation. Volatility caused by US tariffs and policy shifts earlier in the month seemed to calm, although investor confidence remained shaky. Within the past 24 hours, the total crypto market cap remained close to $2.68 trillion, maintaining stability but relatively stagnant, indicating the market’s hesitance to recapture higher levels. A key indicator highlighted the sentiment shift, which was the steep decline in 24-hour trading volume, measuring nearly $44 billion, suggesting market participants chose to stand still, likely in hopes of clearer directional cues following the recent whirlwind of activity.
A Crypto Fear & Greed Index measure of 31 confirms this reluctant sentiment, entrenched in fear. Although an improvement from “extreme fear” levels hit less than a week ago after the initial tariff shocks, it suggests that market-wide confidence remains an issue after being buoyed by the relief rally prompted by tariff exemptions. Ongoing trade uncertainty and the recent steep fall from grace of Mantra (OM) likely kept this outlook stagnant. Further, high Bitcoin market dominance hovering around 63% reinforced the preference for lower-risk assets within the crypto space.
Bitcoin Consolidates Under Key Resistance
With Bitcoin experiencing minimal change, it traded steadily around $84,867 for the 24-hour period. After previously bouncing from the lows encountered at the start of the week, it struggled to decisively break the key resistance zone between $85,000 and $86,000. Tier 1 exchanges showed lackluster demand relative to macro sentiment, and while some positive on-chain indicators like whale accumulation persisted, demand from the institutions via spot ETFs seemed muted post recent outflows, which tempered overall sentiment. Now, with weak price action forming alongside bearish technicals—which some analysts are engaging in the death cross debate—the outlook for the near term is cagey. In the scenario of a strong fundamental sentiment shift, a break above 86k could allow for the next logical target towards 90k, but the current conditions leave open the opportunity for a test of 80k.
Ethereum Struggles with $1600
Struggling at the $1,600 mark arguably does reflect Ethereum’s persistent headwinds. Bitcoin’s surge above the key psychological Bitcoin resistance level impacted Ethereum Ether, and spot ETH ETF outflows likely did not help the course of demand. Furthermore, bearish sentiment was likely fueled by the significant downward revisions of 2025 price targets from key institutions. Positively, while the Ethereum Foundation highlighted its development roadmap and some whale accumulation was noted, dismissing the ambiguous sentiment felt throughout the ecosystem would be a mistake considering the various contradicting trends driving price movement. In the short term, the key resistance is witnessed at around $1,750 and loses record to support at $1,400-$1,500.
Solana Shows Strength on ETF Narrative
Solana demonstrated relative strength alongside trading at roughly $137.76—with gains of >2% in the preceding twenty-four hours and an eye-catching weekly performance of over 20%. This bullish momentum received strong impetus from developments around Solana ETFs. The launch of a spot Solana ETF with staking services in Canada and the continued Solana direct listing ETF buzz surrounding US filings bolstered investor sentiment. In conjunction with vibrant activity within Solana’s ecosystem, this ETF narrative seemed to tip the scale for SOL investors who have been cautious due to broader market sentiments. The next focus area for resistance sits just south of $140-$150.
XRP Holds Gains Amid Utility and Legal Focus
XRP traded a hair below $2.08, realizing a modest gain while holding above the crucial $2 level he fought back to earlier in the week. XRP’s positive momentum remained supported on a number of fronts—optimistic long-term forecasts from Standard Chartered and other players, active speculation on the approval of spot ETFs, incremental progress in the SEC legal battle, and actual utility through Ripple’s RLUSD stablecoin and Ondo Finance partnership. XRP was better poised, retaining recent capture, waiting around the $2.20 to 2.25 mark for a jump through upper resistance.
Cardano Touches Resistance Area as Recovery Takes Place
As Cardano’s price attempted to recover from its recent lows, trading stood at $0.6336, with a gain of over 3.5% in the last 24 hours. The price has pushed toward resistance levels identified around the $0.65 mark while previously finding support. Unlike XRP and SOL, ADA does not seem to be particularly driven by news flow but does benefit from market stabilization, community support, and continuing Hydra scaling solution development efforts. A strong bullish bias is formed after a clear break above 0.67 and 0.70 resistance levels.
Meme Coins (DOGE & SHIB) Partake in the Bounce
Shiba Inu (SHIB) saw a stronger rally of over 5%, reaching $0.00001234, while DOGE traded near $0.1589, up around 3%. Improving sentiment from retail and speculative traders was evident as both coins partook in the slight market recovery. Along with chatter about potential integrations or ETF filings, DOGE also benefited from the backdrop. SHIB’s stronger daily performance might be linked to its narrative surrounding ecosystem enhancements, particularly focused on token burns and Shibarium activity, as opposed to DOGE’s broader hype-driven narrative.
Ondo Finance Remains Resilient RWA Leader
Ondo Finance (ONDO) is up over 2% to trade around $0.8465 as it continues consolidating after a strong week, showcasing resilience. Buoyed by recent partnerships (Stellar, Mastercard, Ripple) and platform launches (Ondo GM) alongside significant TVL milestones, its leadership in the RWA sector remained a powerful driver. Capital rotating within the RWA sphere post-Mantra crash likely lifted Ondo. Maintaining the bullish trajectory to higher targets will heavily rely on the support holding around $0.82-$0.87.
Mantra Navigates Post-Crash Environment
Mantra (OM) likely remained highly volatile following its dramatic price collapse around April 13-14 as it attempted to stabilize, potentially settling in the $0.60-$0.80 range. The narrative post-crash was driven by the CEO’s explanations (blaming so-called forced liquidations), community skepticism, and the announced recovery plan, which included token buybacks alongside an ecosystem fund. While hope was placed in the buyback plan, extreme concern regarding token centralization and lack of transparency rendered the outlook extremely uncertain and bearish until trust could be significantly rebuilt.
Pi Network: Ongoing Controversy Surrounding IOU Trading
Pi Network has reportedly seen a surge in PI token trading, which was initially available as IOUs on a select tier exchange for $0.6492 as of recent trading. It is crucial to highlight, once more, that the value here is an unofficial IOU, not the unrestricted mainnet tokens, which Pi does not have access to on reputable exchanges even after launching their Open Mainnet, paying them in February. The project continues to be the center of attention for its controversial tokenomics, inflationary fears due to future unlocks, scant utility, problematic KYC, over-centralization, and overall use. Trading their Servile’s IOUs can be extremely perilous due to the market’s absence of fundamental validation and these underlying undisputed uncertainties.
The Market Amid Fear and Low Volume Seeks Direction
The cryptocurrency market was consolidating on April 17, 2025, still in a state of “fear” due to low trading volume. A pause in US tariffs led to a temporary relief as Bitcoin and other assets bounced back slightly. However, major resistance levels remained unbroken. In part, Ethereum continued to lag due to ETF concerns. Altcoins showed disjointed performance to some degree, as certain narratives bolstered Solana (ETFs) and Ondo Finance (RWAs), while XRP remained stagnant amidst waiting for regulatory clarity. The Mantra crash served as a stark reminder of risk, while Pi Network exemplified the claimed user gap versus market legitimacy. The current structure appears poised but uncertain. As it stands, the lack of a powerful catalyst without increased volume signals market conviction, meaning it could be further subdued. As it stands, the market shows signs of consolidation or shifts based on macroeconomic factors.
