Aftermath of the Bitcoin Halving Event: Increased Turbulence in the Crypto Market, with Ethereum, Solana, and Ripple at Pivotal Breakthrough Moments!

Despite a brief surge following last week's Bitcoin halving, the cryptocurrency market experienced a downturn in the latter half of this week. Low trading volume has characterized the post-halving period. Among major altcoins, Ethereum attempted a rebound, nearing $3200, but without a significant reversal; Solana faces a similar situation, struggling to break the $150 resistance; Ripple has been particularly volatile amid ongoing litigation with the SEC.

Ethereum's decline was mitigated last week, finding support around the $3000 mark. Trading from April 13th to 19th showed reactive buying activity in the $2920 region on the daily chart.

This aligns with the Fibonacci 0.618 retracement level of the first quarter's rally, suggesting the recent correction may have ended.

However, due to low trading volumes, Ethereum's week-long uptrend has struggled to break the $3200 resistance. In the past 24 hours, selling pressure intensified, with $3150 becoming a critical barrier.

Analysts warn that a daily close below $3150 could signal a continuing downward trend. A potential weekly close below $2920 might further slide to $2600.

Conversely, if buying increases, pushing Ethereum past $3150, it would mark a significant breakthrough. This would signify an end to the downtrend that began in March, potentially paving the way for a short-term return to the $3600 to $3800 range.

Solana Breaks Support, Facing Downward Pressure

Solana showed worrying signs at the beginning of April, breaking through the rising channel it had been following since October 2023. This downward breakout came with significant trading volume, pushing Solana to last week's average price of $127.

Recent price movements suggest that Solana is in a correction phase. Although the token has been trying to recover since last week, it remains trapped at an average level of $158.

This week, the $139 to $143 range is crucial for Solana. Failing to hold this level could lead to a significant drop, potentially falling below $100 as the downward trend intensifies.

A daily close above $160 is vital for confirming a trend reversal. As long as Solana remains below this price point, selling pressure could further depress prices.

Maintaining a $140 average level would also be a positive signal, potentially slowing the decline.

On the upside, if Solana can establish a solid foundation at $160, the next potential target could be the $180 to $190 range.

Ripple Volatile Amid Intensified Legal Struggles

Ripple's price experienced a roller-coaster ride this week, reflecting its ongoing legal battle with the SEC. The market reacted negatively to Ripple's recent rejection of a fine proposal from the SEC, halting the recovery Ripple had seen last week.

From a technical standpoint, Ripple earlier this month fell below its long-term rising channel. Despite attempts last week to return to the channel, a significant resistance level emerged around $0.55, hindering further progress.

In the long term, another barrier for Ripple lies at the $0.52 (Fib 0.236) resistance level. A weekly close above the critical $0.52-$0.55 range is crucial for Ripple to reverse the current trend. Otherwise, it might lead to a short-term fall to the $0.43 support level (Fib 0.144).

Looking ahead, as Ripple has filed its response and the SEC's defense is yet to come, the Ripple market may experience intensified volatility in the coming months. The final court decision is expected to be a significant factor influencing Ripple's price as we approach summer.