Ethereum price failed to stay above $3,350 and extended losses. ETH is down over 5% and might struggle to recover above $3,450 in the near term.

• Ethereum started a fresh decline after it failed to stay above $3,500.
• The price is trading below $3,350 and the 100-hourly Simple Moving Average.
• There is a key bearish trend line forming with resistance at $3,500 on the hourly chart of ETH/USD (data feed via Kraken).
• The pair could continue to move down if it settles below the $3,150 zone.

Ethereum Price Dips Sharply

Ethereum price failed to continue higher above $3,550 and started a fresh decline, like Bitcoin. ETH price dipped below $3,500 and entered a short-term bearish zone.

The decline gathered pace below $3,350 and the price dipped below $3,250. A low was formed at $3,153 and the price is now correcting some losses. There was a move toward the 23.6% Fib retracement level of the recent decline from the $3,561 swing high to the $3,153 low.

Ethereum price is now trading below $3,350 and the 100-hourly Simple Moving Average. If there is another recovery wave, the price could face resistance near the $3,300 level. The next key resistance is near the $3,350 level and the 50% Fib retracement level of the recent decline from the $3,561 swing high to the $3,153 low.

The first major resistance is near the $3,500 level. There is also a key bearish trend line forming with resistance at $3,500 on the hourly chart of ETH/USD. A clear move above the $3,500 resistance might send the price toward the $3,650 resistance. An upside break above the $3,650 region might call for more gains in the coming days. In the stated case, Ether could rise toward the $3,800 resistance zone or even $3,880 in the near term.

More Losses In ETH?

If Ethereum fails to clear the $3,350 resistance, it could start a fresh decline. Initial support on the downside is near the $3,200 level. The first major support sits near the $3,150 zone.

A clear move below the $3,150 support might push the price toward the $3,050 support. Any more losses might send the price toward the $3,000 region in the near term. The next key support sits at $2,880 and $2,850.

Technical Indicators

Hourly MACD – The MACD for ETH/USD is gaining momentum in the bearish zone.

Hourly RSI – The RSI for ETH/USD is now below the 50 zone.

Major Support Level – $3,150

Major Resistance Level – $3,350

• Altcoin market cap falls from $1.6T to $950B in four months.
• Ondo partners with BlackRock, PayPal, Google Cloud.
• Token holds $0.82 but risks drop to $0.70 level.

The cryptocurrency market has entered a pronounced bearish phase, with Coinbase’s April 15 market review confirming a 41% drop in the altcoin market capitalisation.

From a high of $1.6 trillion in December 2024, altcoins now stand at $950 billion, wiping out $650 billion in value.

This downturn has triggered steep declines across the board, particularly for projects that had previously gained institutional traction.

Ondo Finance’s native token, $ONDO, has been one of the hardest hit, falling over 60% from its peak.

The slump comes despite the platform’s expanding real-world asset (RWA) strategy and rising visibility in both corporate and political circles.

While broader macroeconomic pressures and declining risk appetite are weighing heavily on crypto valuations, the case of Ondo highlights the disconnect between market performance and underlying adoption trends.

As institutional partners and high-profile endorsements continue to back the protocol, questions remain about whether this divergence is temporary—or a reflection of deeper liquidity concerns in the tokenised asset space.

Ondo builds RWA network

Ondo Finance, launched in 2021, has become a key player in the RWA sector. The platform aims to bring institutional-grade financial instruments like US Treasuries, bonds, and money market funds to the blockchain.

In February, the project launched its own Layer-1 blockchain focused on RWA tokenisation. It announced collaborations with Google Cloud, BlackRock, PayPal, Franklin Templeton, WisdomTree, and McKinsey.

Despite this momentum, $ONDO is currently trading at $0.8219—down over 60% from its December high. Its broader market structure remains bearish, with price action consistently below the 20, 50, and 200 simple moving averages (SMAs).

Trump-linked backing

Along with corporate partnerships, Ondo has recently attracted political attention. Donald Trump Jr. appeared at the Ondo Finance Summit, and World Liberty Financial—affiliated with the Trump family—invested $460,000 in $ONDO one week before the event.

While this support gained media attention, it hasn’t reversed the market trend.

Ondo also joined Mastercard’s Multi-Token Network (MTN), introducing the Ondo Short-Term US Treasuries Fund (OUSG) as the network’s first tokenised asset.

This move marks a step towards integrating RWAs into mainstream finance, potentially challenging traditional offerings from major asset managers.

$ONDO tests key support

Technically, $ONDO is clinging to support between $0.81 and $0.82, with the 100-period SMA at $0.8161. The token has faced repeated rejections between $0.88 and $0.90—an area of previous institutional interest—pointing to continued resistance at the top.

A breakdown below this support band could send the token toward $0.75–$0.77, or possibly to $0.70, which served as a rebound point in early Q1. These zones remain critical in assessing near-term downside risk.

Nonetheless, the Ondo Global Markets GM platform has helped the protocol cross $1 billion in total value locked (TVL) as of March. Daily trading volume has topped $300 million, with annualised revenue at $6 million, according to DeFiLlama.

Partnerships with high-growth networks like Aptos—which itself has crossed $1 billion in stablecoin TVL—further anchor Ondo within the decentralised finance space.

The short-term picture remains bearish, but with deep integrations across both financial and political sectors, Ondo continues to position itself for long-term relevance in the institutional crypto ecosystem.