For people looking at this issue, I am updating it just to note that this bug was present only during the beta releases and has been solved ever since.
Chronon installation should not crash eclipse/jvm anymore.

You can edit the 'eclipse.ini' file located in your eclipse root directory, to change the memory to whatever you want. In this case you will need to modify the -Xmx value in the eclipse.ini file.

That said, Chronon needs the extra memory in order to function properly.

It is unusual for a jvm to allow only 384 max memory. Which jvm and platform are you running on?
Try lowering the memory to 1000m instead of 384m and see if it runs?