Following a notable surge, Ethereum has approached a critical resistance zone around $1.8K and has begun losing momentum. Nevertheless, the emergence of a bearish divergence suggests a potential short-term corrective consolidation before the next bullish continuation.

Technical Analysis

The Daily Chart

Following the substantial price increase as of late initiated by strong buying pressure at the critical $1.5K support level, ETH has reached a significant resistance zone near $1.8K. This upward displacement has resulted in the formation of a fair value gap, highlighting the presence of smart money on the buyers’ side. However, the $1.8K region coincides with a prior order block, likely filled with supply, making it a formidable barrier.

Consequently, Ethereum is expected to enter a temporary consolidation phase, potentially followed by a minor correction before the next major move. Should buyers manage to breach this resistance, the next target would be the crucial $2.2K level.

The 4-Hour Chart

On the lower timeframe, ETH’s bullish market structure shift was confirmed after a breakout above a multi-month descending channel, leading to a strong surge toward the $1.8K resistance zone. This level aligns with previous significant swing lows, reinforcing its importance. However, momentum has stalled upon reaching this critical threshold, with the price entering a low-volatility consolidation phase.

Simultaneously, a bearish divergence between the price and the RSI indicator has emerged, suggesting the likelihood of a short-term corrective move. As a result, extended consolidation or a minor pullback is anticipated before any further bullish breakout attempt.

Onchain Analysis

The Binance liquidation heatmap continues to offer valuable insights into Ethereum’s current market structure and potential future price movements. Liquidity zones, often clustered around key psychological levels, tend to act as magnets, attracting the price as market participants seek to trigger stop-losses and liquidations.

Following the recent significant downtrend, a sizable concentration of liquidation levels has formed just above Ethereum’s previous swing high around the critical $2K mark. Historically, during periods of recovery or bullish sentiment, markets are drawn toward such liquidity pockets, as institutional players and smart money participants look to exploit trapped sellers by triggering forced liquidations.

Currently, Ethereum’s price action indicates growing strength, having successfully rebounded from the key $1.5K support area and reclaimed important technical levels. Should the asset continue its upward momentum and enter the $2K liquidity cluster, a cascade of short liquidations could be unleashed. This would likely inject additional volatility and amplify buying pressure, pushing Ethereum rapidly toward the next critical resistance zone near $2.5K.

[PRESS RELEASE – Victoria, Seychelles, April 28th, 2025]

Bitget, the world’s leading crypto exchange and web3 company announced a strategic collaboration with Avalanche, the fastest and most reliable smart contracts platform in the world. Bitget and Avalanche are leaders in the field of digital asset trading and blockchain technology, respectively, and the partnership is aimed at leveraging the combined strength of both global brands to enable grassroots adoption of web3 technology.

Avalanche has expanded its initiatives in Indian region, working closely with more government agencies on welfare projects and rolling out a mini-grants program to encourage builders at all stages to build on their platforms. Bitget’s Blockchain4youth program has pledged $10 million over 5 years, offering scholarships, workshops, and hackathons to the web3 community in India and across the globe. Bitget’s Blockchain4Her initiative is aimed at supporting women-led web3 projects in India and across the globe.

The first leg of the program kicked off with the ‘HODL ON’ tour, which conducted their first two meetup events in Delhi & Bangalore with the mutual agenda to boost education & knowledge about blockchain & cryptocurrencies in the region.

Commenting on the development, Devika Mittal, Regional Head at Ava Labs, said: “India has a very robust Web3 community. Our goal with events is to provide a space to any web3 enthusiast – whether in Delhi or Varanasi, or anywhere else – to connect and build. She emphasized that in 2025, down the year, lots of L1s are launching on Avalanche & promising very strong activity from builders across the board is expected.”

Commenting on the development, Jyotsna Hridyani, South Asia Head at Bitget, said: “Empowering users with the right knowledge is essential to unlocking the full potential of blockchain in India’s digital future. At Bitget, we’re committed to bridging this gap through community programs, partnerships with universities, and accessible learning tools.”

The goal of the partnership is to widen the reach for awareness across cities in India via more such events & workshops to educate the youth on the potential benefits & applications of blockchain technology. Bitget and Avalanche both have committed to partner for more such initiatives & investments for the rest of 2025.

Global organisations like Bitget and Avalanche are betting big on India as it is the world’s top nation in terms of crypto adoption and the second-largest market for web3 developers. India’s tech talent is capable of delivering world-class web3 applications if supported by timely grants, experienced mentorship, and global exposure. India is home to more than 1000 web3 startups, and Bitget’s mission is to double this number in 2025 through dedicated funding and mentorship channels. The ‘HODL ON’ tour offers a unique platform for web3 startups in India to showcase their work and secure funding to succeed in their respective field.

Commenting on the success of the Delhi and Bangalore chapters, Akshay Aggarwal, Co-founder & Leading Contributor, Blockchained India, added, “India, with its scale and digital depth, has a unique opportunity to shape how Web3 delivers real value — especially across consumer and enterprise applications. At Blockchained India, we’ve always believed that relevance is earned through consistent action, not noise. This is an inflection point. Let’s continue building with those who see long-term value and are committed to shaping what Web3 can truly become for the masses.”

About Bitget

Established in 2018, Bitget is the world’s leading cryptocurrency exchange and Web3 company. Serving over 100 million users in 150+ countries and regions, the Bitget exchange is committed to helping users trade smarter with its pioneering copy trading feature and other trading solutions, while offering real-time access to Bitcoin price, Ethereum price, and other cryptocurrency prices. Formerly known as BitKeep, Bitget Wallet is a world-class multi-chain crypto wallet that offers an array of comprehensive Web3 solutions and features including wallet functionality, token swap, NFT Marketplace, DApp browser, and more.

Bitget is at the forefront of driving crypto adoption through strategic partnerships, such as its role as the Official Crypto Partner of the World’s Top Football League, LALIGA, in EASTERN, SEA and LATAM markets, as well as a global partner of Turkish National athletes Buse Tosun Çavuşoğlu (Wrestling world champion), Samet Gümüş (Boxing gold medalist), and İlkin Aydın (Volleyball national team), to inspire the global community to embrace the future of cryptocurrency.

For more information, users can visit: Website | Twitter | Telegram | LinkedIn | Discord | Bitget Wallet

For media inquiries, please contact: media@bitget.com

Risk Warning: Digital asset prices are subject to fluctuation and may experience significant volatility. Investors are advised to only allocate funds they can afford to lose. The value of any investment may be impacted, and there is a possibility that financial objectives may not be met, nor the principal investment recovered. Independent financial advice should always be sought, and personal financial experience and standing carefully considered. Past performance is not a reliable indicator of future results. Bitget accepts no liability for any potential losses incurred. Nothing contained herein should be construed as financial advice. For further information, users can refer to Terms of Use.

About Avalanche

Avalanche is the fastest, most reliable smart contracts platform in the world. Its revolutionary consensus protocol and novel L1s enable Web3 developers to easily launch highly-scalable solutions. Deploy on the EVM, or use your own custom VM. Build anything users want, any way they want, on the eco-friendly blockchain designed for Web3 devs. Avalanche is an open-source platform for launching decentralized finance applications and enterprise blockchain deployments in one interoperable, highly scalable ecosystem. Avalanche uses Proof-of-Stake, which allows tens of thousands of validators to have a first-hand say in the system while consuming minimal energy. For more information, users can visit https://www.avax.network/

TL;DR

• PENGU briefly entered the top 100 cryptocurrencies club with a market cap of just south of $900 million.
• Over the past week, it outperformed the leading meme coins, Dogecoin (DOGE) and Shiba Inu (SHIB), which are also well in the green.

Rising Through the Ranks

The meme coin sector is notorious for its enhanced volatility. Tokens of that type often stun the community by registering steep price declines or whopping surges in a short period of time. One asset that recently experienced a solid increase is Pudgy Penguins (PENGU).

The Solana-based meme coin saw its valuation skyrocketing by roughly 160% in the past seven days, climbing to a local top of $0.014 today (April 28).

PENGU’s market cap briefly exceeded $880 million, thus positioning the asset among the top 100 cryptocurrencies. Later, the capitalization retraced to around $815 million, causing the coin to drop out of the elite club. 

The exact catalyst behind PENGU’s rally over the past week remains unclear, though it likely stems from a combination of several factors. Those include the resurgence of the entire cryptocurrency market, the overall bullish sentiment among industry participants, and the recent celebration of World Penguin Day.

The event is celebrated every year on April 25 and aims to raise awareness about the flightless birds and the threats they face, such as climate change, overfishing, and habitat destruction. It may have spurred speculative interest in penguin-themed assets like PENGU, contributing to its price rally.

The community quickly picked up the price rally, with analysts predicting a further surge to a $1 billion market cap.

Breakout on $PENGU confirmed

We called the fucking bottom, never fade OG projects

Our way is clear towards $1B MC

PENGU is the mascot and face of crypto

Fuel zee bags⛽️ https://t.co/yCYFHFJAyD pic.twitter.com/rO43oPqIZA

— fuel (@fuelkek) April 28, 2025

Outperforming the Big Names

Although all of the top 10 meme coins have posted impressive gains over the past week, none of them can match PENGU’s explosive performance for that timeframe.

The largest meme in terms of market capitalization – Dogecoin (DOGE) – is currently worth around $0.18, representing an 11% rise on a seven-day scale. 

Shiba Inu (SHIB) is trading at roughly $0.00001396, a 10% weekly increase. The next down the list are PEPE (+15%), TRUMP (+84%), BONK (+66%), and others.

The market cap of the meme coin niche has spiked above $61 billion, which is a serious uptrend compared to the sub-$40 billion level observed at the start of the month. However, it remains far from the peak of over $120 billion witnessed towards the end of 2024.