Ethereum Price Crashes Below $1,700 as Galaxy Dumps $106M ETH for Solana

by

The once-proud Ethereum, trembling on the precipice of $1,700, took a swift plunge back below that threshold on Tuesday, April 22, as the bulls—brave but weary—found their initial 3% rally to be as fleeting as a spring breeze. How quickly the mighty can fall.

Galaxy Digital Makes a Dramatic Exit from Ethereum, Embraces Solana Instead

In a bold move that could only be described as a financial slap to the face, Galaxy Digital decided to dump about $106 million worth of Ethereum (ETH) for the upstart Solana (SOL), as reported by blockchain data wizards at Lookonchain.

The great reshuffling happened over the past fortnight on Binance, a telltale sign that something larger is afoot. It seems even the titans of the crypto world are having second thoughts about their Ethereum holdings.

This sharp pivot happened just as ETH nosedived below $1,700 on Tuesday, right after hitting a new monthly high of $1,725 around noon CET, a peak that now seems as distant as a dream from another life.

The firm’s actions reflect a broader institutional shift, as confidence in Ethereum wanes faster than a politician’s promises. Market data now shows a worrying decrease in Ethereum holdings among big players, further pushing the narrative that ETH is slowly but surely becoming a fading star in the crypto galaxy. As Ethereum’s decentralized exchange volumes continue to fall, the weight of uncertainty is palpable.

Ethereum Dominance Declines as Scalability Nightmares Continue

Ethereum’s market dominance has now plummeted below 7%, a level not seen in many years. Analysts are having a field day, pointing to Ethereum’s ongoing scalability issues, excruciatingly high gas fees, and its sluggish adoption of Layer 2 solutions as the reasons behind its diminished position in the ever-growing crypto ecosystem.

Despite Ethereum’s lead in developer activity and protocol TVL (Total Value Locked), Solana and its blazingly fast transaction speeds are starting to steal the spotlight. Galaxy Digital’s shift to SOL is a clear signal that institutional investors might soon be swarming toward other platforms—perhaps in search of a bit less chaos and a bit more certainty.

Ethereum Price Forecast: Is a Bounce to $1,800 Possible, or Is $1,600 More Likely?

Ethereum’s price forecast today is a perfect mix of volatility and uncertainty, closing at $1,701 after briefly touching a high of $1,725. However, it seems the price hit a brick wall just below the upper Bollinger Band at $1,672, indicating that the market might be a tad overheated. Could this be the start of a short-term reversal?

The wide Bollinger Bands are screaming “watch out!”—heightened volatility is in the air. And with the current candlestick pushing the upper band, we might just be looking at a temporary overbought condition. So, brace yourselves. The price could retrace toward the midline around $1,607, or if the selling pressure picks up, all the way down to $1,542.

Momentum indicators seem to be lending their voice to the chaos. The MACD histogram has flipped bullish, with the MACD line crossing above the signal line, hinting at some short-term upside. But let’s not get carried away—this follows a prolonged bearish cycle through early April, and the MACD reading still hovers below zero, which might indicate that the broader trend is more fragile than a house of cards.

If Ethereum can somehow manage to close above $1,725, there’s a faint glimmer of hope that a breakout to $1,800 is within reach. However, if it fails to clear that level, prepare for a swift retreat as sellers circle in on the $1,600 level, especially if market volumes fail to back up any breakout attempts.

Read More

2025-04-23 00:35