Ether Eyes $3.4K as XRP's Price Flashes Cautionary Sign
2025-07-16 11:44:23
Main Idea
Ether (ETH) is targeting $3,400 after a triangle breakout, while XRP shows cautionary signs as major cryptocurrencies exhibit bullish trends.
Key Points
1. Bitcoin (BTC) has exited a descending channel, forming a higher low at $117,000, with indicators suggesting renewed upside momentum.
2. Ether (ETH) broke out of an expanding triangle, with the 14-day RSI above 70, indicating strong upward momentum and a target of $3,400.
3. Solana (SOL) shows stability near its 200-day SMA, with technical indicators suggesting potential for further gains, targeting $200.
4. XRP's hourly chart shows a bullish transition above the Ichimoku cloud, but a 'Hanging Man' candle indicates potential bearish pressure if support at $2.80 is lost.
5. BTC and ETH show rising open interest in perpetual futures, indicating growing bullish leveraged bets.
Description
This is a daily analysis of top tokens with CME futures by CoinDesk analyst and Chartered Market Technician Omkar Godbole. Bitcoin : Re-test of record highs likely Bitcoin's (BTC) hourly chart shows that prices have risen out of the descending channel, forming a higher low at around $117,000 early today. Additionally, prices have crossed above the Guppy multiple moving average indicator. Guppy's short-term EMA (white) band is about to shift above the long-term (red) band, suggesting renewed upsi...
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