Ether Targets $3,400 While XRP Shows Warning Signals

16 July 2025: ETH Targets $3,400 After Triangle Breakout as Major Cryptos Look Up

Bitcoin: Poised to Re-Test Record Highs

Bitcoin (BTC) is showing strong signs of a renewed rally. The hourly chart reveals a breakout from the descending channel, with prices forming a higher low near $117,000 early today. Notably, BTC has crossed above the Guppy Multiple Moving Average (GMMA) indicator, with the short-term EMA band (white) about to overtake the long-term band (red), signaling fresh upside momentum.

The path appears clear for a push toward record highs, especially if BTC breaks above the Ichimoku cloud, which could accelerate gains. However, if prices dip below the $117,000 support, a deeper retracement down to $111,965—the May breakout level—is possible.

Bullish sentiment is reinforced by rising cumulative open interest in USD- and USDT-denominated perpetual contracts on offshore exchanges like Binance, OKX, Deribit, Bybit, and Hyperliquid, reaching a nearly two-year peak. Positive funding rates further indicate strong demand for leveraged bullish positions.

AI’s Take: Bitcoin looks set to resume its upward trajectory, but bulls should defend the $117,000 level to avoid a larger pullback.

Resistance: $120,000, $123,181
Support: $117,000, $113,688 (38.2% Fibonacci retracement), $111,965

Ether: Eyes $3,400 After Key Technical Breakouts

Ether (ETH) has broken out from an expanding triangle pattern and cleared the 61.8% Fibonacci retracement of its December-April sell-off, setting the stage for a run toward $3,400—a level favored by options traders on Deribit.

The 14-day RSI has surged above 70, signaling strong bullish momentum, while the 50- and 100-day simple moving averages slope upward. Additionally, the ether-bitcoin ratio has broken free from prolonged consolidation, suggesting ETH may outperform BTC in the near term. On the downside, the $2,933 low from Tuesday is a critical support level for bears to watch.

AI’s Take: Ether looks poised for a move to $3,400, backed by multiple technical confirmations and outperformance against Bitcoin. Key support sits at $2,933.

Resistance: $3,400, $3,570, $4,000
Support: $2,933, $2,739, $2,600

Solana: Holding Firm Near 200-Day SMA, Bullish Signals Build

Solana’s (SOL) price action around its 200-day simple moving average shows encouraging stability, a positive contrast to the sharp bearish reversals witnessed in May.

Coupled with a move above the Ichimoku cloud and an RSI above 50, this stability suggests that resistance near $168 could soon flip into support. The next resistance target is $200, with Tuesday’s low of $157.13 acting as a key support level.

AI’s Take: Solana is gaining bullish momentum by holding crucial support at the 200-day SMA, signaling a potential trend shift.

Resistance: $168, $187, $200
Support: $157, $145, $125

XRP: Bullish Rebound Faces Caution After ‘Hanging Man’ Signal

XRP’s hourly chart depicts a solid bounce after breaking out of a downward channel on Tuesday, with prices climbing above the Ichimoku cloud. This setup favors a test of recent highs above $3.00.

However, the daily chart reveals a ‘hanging man’ candlestick—a red body with a long lower wick—indicating that bears may be preparing to push back. Losing support at $2.80 could trigger a more significant decline.

AI’s Take: While the hourly chart shows bullish momentum, the daily hanging man warns traders to proceed cautiously, as longer timeframes typically offer more reliable reversal signals.