Crypto Market Overview: SOL, XRP, ETH, and BTC on April 17, 2025
Crypto markets experienced a steady recovery in early Asian trading hours on Thursday, following a sharp sell-off the previous evening. The rebound came after Federal Reserve Chairman Jerome Powell’s comments tempered market expectations for immediate rate cuts, amidst the growing impact of new U.S. tariffs on the global economy.
Bitcoin (BTC) added 2% to its value over the last 24 hours, reaching a price of around $84,500. Other major cryptocurrencies, such as Ether (ETH), XRP, Dogecoin (DOGE), and Binance Coin (BNB), showed moderate gains in the 1%-3% range, while Solana (SOL) led the charge with a strong 6% increase.
Among mid-cap tokens, Hyperliquid’s HYPE surged by 8.5%, although no immediate catalysts were identified. On the flip side, Celestia’s TIA saw a 4% decline, as pressure continued to mount on tokens with long unlock schedules, following a sharp drop earlier this week in the price of Mantra DAO.
Powell’s Speech and Its Impact on Crypto Prices
In his latest remarks, Fed Chairman Powell emphasized that the full economic impact of newly-levied tariffs would take time to materialize. The tariffs are expected to cause inflationary pressures while slowing economic growth, raising concerns about the possibility of stagflation—similar to the economic conditions experienced in the U.S. during the 1970s.
“Traders had hoped the Fed would implement early rate cuts to boost markets, but Powell’s speech suggests that this may not happen anytime soon,” said Jeff Mei, COO at BTSE. “Bitcoin is likely to continue fluctuating within the $80,000-$90,000 range until there is more clarity regarding tariff developments and potential rate cuts.”
Technical Analysis: Key Tokens and Their Price Trends
Solana (SOL) Price Review:
- SOL experienced a sharp 14.5% price rally from $119.58 to $136.01 between April 11-14, followed by a corrective pullback.
- The price volatility span of $16.42 suggests that SOL could see further fluctuations in the near term.
- Momentum indicators are showing a weakening buying trend after the rally, indicating that consolidation is likely.
- The price has encountered resistance at a descending trendline from the $136 high, with support forming around the $126-$127 range.
- A break below $125.67 could signal additional downside potential for SOL.
XRP Price Analysis:
- XRP is showing signs of consolidation after a volatile period, with a notable surge on April 12-13 from $2.00 to $2.24 (an 11.7% increase), driven by high volume.
- Resistance has been established in the $2.18-$2.24 range, while support is found at $2.08-$2.10.
- Recent price action has formed a bearish reversal pattern, and XRP’s pullback to $2.09 suggests that it may stay within a range-bound phase for the time being.
- The 48-hour Fibonacci retracement indicates that XRP has pulled back to the 61.8% level, suggesting potential stabilization. However, the failure to hold above $2.15 raises concerns for bullish traders in the short term.
Ethereum (ETH) Technical Breakdown:
- Ethereum experienced significant volatility, with a 7.8% range between $1,546.87 and $1,666.50.
- ETH failed to maintain momentum after reaching $1,690.16, resulting in a double top pattern and a subsequent decline.
- Volume analysis reveals strong selling pressure, particularly during the sell-off on April 14, when trading volume exceeded 500,000 units.
- The 50-hour moving average at $1,625 is acting as immediate resistance, while the key support levels are found between $1,585-$1,590.
Market Sentiment and the Near-Term Outlook
Despite Powell’s caution regarding the Fed’s rate plans and the economic impact of tariffs, cryptocurrencies continue to show resilience. Bitcoin’s price is expected to remain in the $80,000-$90,000 range until there is more clarity on the progress of trade talks and potential rate cuts. Solana’s continued strong performance suggests positive momentum, while Ethereum faces resistance at key levels. Overall, the market remains sensitive to broader macroeconomic developments, including the Fed’s policies and the evolving global trade situation, which could drive future price action across digital assets.
