Bitcoin, Ethereum, Dogecoin and Cardano stabilize –  Why crypto is in limbo

• Bitcoin, Ethereum, Dogecoin and Cardano stabilize on Friday as crypto market capitalization steadies around $2.69 trillion.
• Crypto traders are recovering from the swing in token prices and the Monday bloodbath. 
• US President Donald Trump’s tariff truce is not received as well by crypto traders, with market recording over $300 million in liquidations. 

Crypto traders are digesting US President Donald Trump’s Liberation Day announcements last week, the tariff truce declared on Wednesday and the worsening situation with China, as the industry wraps one of its worst weeks in terms of price swings. 

Bitcoin battled to hold on to its reputation as “safe-haven” during times of market uncertainty, and Ethereum slipped below the $1,500 support four times in the correction this week. 

Bitcoin, Ethereum, Dogecoin and Cardano see volatile week

Bitcoin (BTC) trades above key support of $80,000 at the time of writing on Friday, recovering from Monday’s flash crash. BTC wiped out over 2% value in the past seven days and is currently up 4% on the day. 

The largest cryptocurrency by market capitalization sees bullish bets from derivatives traders on Friday. The long/short ratio, a metric to identify the ratio of long positions (bullish bets) to short ones (bearish bets), exceeds 1, according to Coinglass data. 

Long/short ratio is 1.0076, meaning that derivatives traders expect Bitcoin to rally. The 24-hour liquidation in Bitcoin exceeds $95 million. 

The BTC/USDT price chart shows a likelihood of nearly 6% gains in Bitcoin and a retest of $85,800, a level that held strong as a support between November 2024 and mid-March 2025. A daily candlestick close above this level could establish $85,800 as support, once again, as Bitcoin marches towards resistance at $90,000. 

The Relative Strength Index (RSI) momentum indicator is sloping upwards and reads 46, while the Moving Average Convergence Divergence (MACD) flashes consecutively shorter red histogram bars under the neutral line. MACD implies there is a likelihood that the underlying negative momentum in the Bitcoin price trend is waning. 

Traders should watch MACD and RSI closely for signs of a potential trend reversal. In the event of another correction, Bitcoin could test support at the March 10 low of $77,459 and the $75,000 level. 

BTC/USDT daily chart 

Ethereum (ETH) traded below the psychologically important $1,500 level four times this week. ETH has since recovered and trades at $1,551.74 at the time of writing on Friday. 

Derivatives data from Coinglass shows a 1.35% decline in Open Interest (OI), the total volume of all open positions in Ethereum across derivatives exchange platforms. ETH OI is capped at $17.44 billion at the time of writing. 

Derivatives traders are in wait and seemode, as the long/short ratio stands at 0.99, according to Coinglass data. 

Ethereum could test its closest resistance at $1,764, a 14% rally from the current price, if market movers like institutional capital flows to Ethereum Exchange Traded Funds (ETFs) and demand on spot exchanges support the gains. 

In case of a correction, Ethereum could post a 10% decline and test support at $1,385, the April 9 low for ETH. 

RSI reads 35 and is sloping upwards, while the MACD flashes red histogram bars on the daily timeframe. The two key momentum indicators do not support further gains in Ether. Hence, the altcoin needs a daily candlestick close above the $1,500 level for recovery to be sustained. 

ETH/USDT daily chart 

Dogecoin (DOGE) is down nearly 5% in the past seven days and adds over 3% to its value on Friday. The largest meme coin, popular as a blue-chip meme token, could rally 20% and test resistance at $0.18871, the upper boundary of a Fair Value Gap (FVG) on the daily timeframe. 

Key market movers for Dogecoin are updates in the Dogecoin ETF filing by 21Shares and derivatives trader sentiment. 

Coinglass data shows nearly twice as many long positions in DOGE were liquidated as short. Derivatives traders betting on DOGE price gain are paying for liquidated longs as the meme coin slips lower. 

In the past 24 hours, $4.8 million in derivatives positions were liquidated. 

If Bitcoin fails to hold its ground and slips below $80,000, another round of corrections could hit altcoins and meme coins, and DOGE could test support at the $0.12986 level, the April 7 low. 

On the contrary, a rally could see Dogecoin test the upper boundary of the FVG at $0.18871, a 20% gain from the current price level. 

Momentum indicators on the daily timeframe show no specific direction for DOGE, with the RSI reading 43 and sloping upwards, while the MACD flashes red histogram bars. 

DOGE/USDT daily chart 

Cardano (ADA) wiped nearly 5% of its value in the last seven days while gaining over 4% on Friday. The Ethereum alternative token Cardano trades at $0.6271 at the time of writing. 

Another Bitcoin flash crash could push ADA to test support at $0.5528, the April 8 low for the altcoin. 

ADA/USDT daily chart

Crypto is slowly recovering from the deleveraging that occurred earlier this week. As traders nurse the hangover from the Bitcoin price drop to a new cycle low at $74,500, most altcoins are in a downward trend or consolidating below levels that held steady as support for several months before the correction set in. 

James Toledano, COO of Unity Wallet, a Web3 payment solution, told FXStreet, 

While Bitcoin is far from decoupled or insulated from broader economic shocks, it has fared surprisingly well during this recent market-wide sell-off. This might suggest that fewer investors view it as merely another high-beta risk trade. Instead, we’re beginning to see Bitcoin occupy a liminal space between risk and refuge. Although everything seems to be bouncing back yesterday and today, there may be more movement to come and we will have a clearer picture over the next few weeks. But the global response to U.S. policy shifts is reinforcing Bitcoin’s core proposition: a non-sovereign store of value in an increasingly fragmented world.