Ether Eyes $3.4K as XRP’s Price Flashes Cautionary Sign
CoinDesk’s daily market analysis, incorporating AI insights, offers technical perspectives on leading cryptocurrencies with CME futures.
Bitcoin (BTC): Bitcoin’s hourly chart shows a breakout from a descending channel, forming a higher low around $117,000. The Guppy Multiple Moving Average indicator signals renewed upside momentum as short-term EMAs are poised to surpass long-term EMAs. A rally to record highs is anticipated, accelerating above the Ichimoku cloud. However, a drop below $117,000 could trigger a pullback to $111,965. High cumulative open interest in perpetual futures contracts across major exchanges, coupled with positive funding rates, suggests growing bullish sentiment and leveraged bets. Key resistance levels are $120,000 and $123,181; support lies at $117,000, $113,688, and $111,965.
Ether (ETH): Ether’s breakout from an expanding triangle and the 61.8% Fibonacci retracement suggests a move towards $3,400, a target favored by options traders. The 14-day RSI above 70 and upward-sloping SMAs confirm strong momentum. Ether’s outperformance against Bitcoin is further supported by a breakout in the ETH/BTC ratio. Support is at Tuesday’s low of $2,933. Resistance levels are $3,400, $3,570, and $4,000; support is at $2,933, $2,739, and $2,600.
Solana (SOL): Solana’s price stability near the 200-day SMA is encouraging, contrasting with previous swift bearish reversals. The move above the Ichimoku cloud and RSI above 50 further strengthens the bullish outlook. Resistance at $168 may soon become support, with the next target at $200. Tuesday’s low of $157.13 serves as key support. Resistance levels are $168, $187, and $200; support lies at $157, $145, and $125.
XRP: XRP’s hourly chart indicates a transition from pullback to upswing, breaking above the Ichimoku cloud. A retest of highs above $3.00 is possible. However, Tuesday’s “hanging man” candlestick pattern on the daily chart suggests potential bearish pressure. Loss of support at $2.80 could be detrimental. Resistance levels are $3.00 and $3.40; support is at $2.80, $2.6-$2.65, and $2.38. The daily chart’s “hanging man” is a more significant bearish signal than the hourly chart’s bullish bounce.
