Ethereum is demonstrating once more that it is not turning bearish. ETH has aggressively risen since making a clean and powerful breakout above consolidation at about $3,000 earlier in July. It is currently trading just below the psychological $4,000 barrier. Ethereum is just one candle away from testing a resistance level that has historically functioned as a wall and a magnet at $3,815.

Momentum is clearly strong when looking at the structure. On the daily time frame, the trend is clear: there are higher highs and lows as well as no indications of weakness. The moving averages of Ethereum have now spread into a classic bullish alignment after it surged through them. The 21-day EMA is acting as dynamic support, assisting in the price’s upward grind, while volume, despite a slight taper, is still stable for the time being.

However, $4,000 is by no means a small checkpoint. It is a dense area of resistance that served as a distribution top for several cycles in the past. Without a fakeout or retest, a direct break is statistically unlikely. If anything, bulls might get one wick through it, but it will take significant buying pressure in addition to momentum traders piling in to keep the price above $4,000.

The fact that the RSI is above 80 indicates that the market is extremely overbought. That increases the likelihood of a cooling period, either through a sideways chop or a brief pullback, but it does not guarantee a sharp reversal in ETH. Regardless, the market tends to consolidate following runs like, this and the move thus far has been parabolic.

Ethereum may go through $4,000 in a decisive push if it can maintain its position above $3,750 and withstand profit-taking without collapsing. A retracement toward $3,400 or even $3,200, on the other hand, would simply reset the fuel for a cleaner breakout later on and would disrupt the bullish structure. 

XRP bets $3

The recent price movement of XRP points to a waning trend, and the $3 mark is currently teetering. XRP surpassed forecasts and reached highs above $3.70, following a dramatic parabolic breakout in July. However, momentum has since slowed, and the asset has entered a grinding slow correction that could potentially reverse a large portion of the gains from just a few weeks ago.

With several days of lower highs and lower closes, XRP is currently trading at about $3.11 and is slowly declining without the kind of bounce you would anticipate from intense dip-buying activity. Instead of accumulation, the daily candles depict distribution, which is a warning sign for bulls.

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An equally uninspiring picture is painted by volume. Not only is there no aggressive selling going on, but more significantly, there are no indications that buyers are taking decisive action. The absence of volume support implies that the current correction may not be finished and may even go deeper.

The Relative Strength Index, which is still high but is gradually declining, indicates that there is no longer any bullish thrust available due to the overbought situation. The psychological and technical significance of the $3 level is currently XRP’s biggest issue. If that is lost, the next support will not come until the $2.99-$2.75 range, which is where the last significant consolidation took place prior to the breakout. The bullish impulse that thrilled investors a short while ago could be wiped out if XRP does not find stability soon. 

Dogecoin should not be ignored

After experiencing a dramatic reversal from its recent rally, Dogecoin is currently trading at a risky low. After briefly rising above $0.29, DOGE has since fallen back to $0.22, wiping out a sizable amount of its gains and displaying warning indications of weakness that investors should not disregard.

DOGE returned below critical moving averages in July after a sharp, nearly vertical correction, according to the chart. When the price does not stabilize close to the top and instead forms a regular pattern of lower highs and lower lows, as we are currently seeing, this type of move frequently indicates an exhausted trend. Because of the unusually high volume during the correction, it appears that more traders are selling their positions and fewer are joining the dip to buy it.

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Unless DOGE finds support soon, probably around $0.21, it may be in for a deeper decline because this is not a healthy setup. The RSI, which has cooled off from overbought territory and is currently trending downward — indicating waning bullish momentum — is adding more fuel to the bearish case.

Given the lack of obvious consolidation or reversal signals, DOGE may be at risk of further declines, possibly testing levels close to $0.20 or even $0.19 in the event that market sentiment worsens. DOGE must firmly recover from this current level with strong volume supporting the move in order to change the course of events.

The alleged scammer behind the ZKasino rug pull has reportedly lost over $27 million in a high-risk Ethereum trade as crypto market turbulence continues to catch overleveraged traders.

On April 7, blockchain analytics platform Onchain Lens revealed that the scammer had exited a 20x leveraged long position on ETH using the Hyperliquid trading platform.

The setback is believed to have stemmed from Ethereum’s recent price correction amid the broader market slump triggered by the US deciding to implement reciprocal tariffs on 180 countries.

According to CryptoSlate’s data, Ethereum fell almost 20% over the last 24 hours to as low as $1415 before attempting a recovery above $1500. ETH was trading at $1537 as of press time.

Many in the crypto space view the ZKasino scammer’s recent trading loss as a “dose of karma.”

The scammer’s loss echoes a case from March 31, when the hacker behind the $9.6 million ZkLend exploit lost 2,930 ETH to a phishing site mimicking Tornado Cash. That individual had also ignored a bounty offer from ZkLend.

Zkasino scam

The funds used in the trade are believed to stem from an earlier exploit tied to ZKasino, which occurred in 2024. The platform faced widespread backlash after executing a rug pull that drained nearly $33 million worth of Ethereum from users.

ZKasino’s move triggered intense criticism across the industry. Ethereum co-founder Vitalik Buterin criticized the project, claiming its use of “ZK” branding was misleading and solely based on its deployment on zkSync.

In response to the backlash, ZKasino promised to refund investors’ funds while claiming it acted in users’ interests by converting the ETH to ZKAS tokens and locking them under a 15-month vesting schedule.

However, the promised refunds have not materialized as of press time.

Meanwhile, the Netherlands’ Fiscal Information and Investigation Service (FIOD) later arrested a 26-year-old man suspected of involvement in the scheme. Authorities seized digital assets, luxury cars, and real estate worth approximately $12.2 million.

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