ETH Eyes $3.4K Mark Amid Caution Around XRP’s Price -

16 July 2025: ETH Eyes $3,400 as Major Cryptos Gain Momentum

Bitcoin: Poised to Challenge All-Time Highs

Bitcoin (BTC) is showing renewed strength after breaking out of a descending channel on the hourly chart. Early today, BTC formed a higher low near $117,000 and surged above the Guppy Multiple Moving Average (GMMA). The short-term EMA is about to cross above the long-term EMA, signaling growing bullish momentum.

If Bitcoin pushes above the Ichimoku cloud, it could accelerate gains toward record highs. However, a drop below $117,000 might trigger a deeper pullback to the May breakout level near $111,965.

Bullish sentiment is supported by a rise in open interest for USD- and USDT-based perpetual contracts on offshore exchanges like Binance and Deribit, reaching a nearly two-year high. Positive funding rates suggest strong demand for leveraged long positions.

AI’s Take: Bitcoin is well-positioned for another rally, but holding $117,000 support is crucial to avoid a larger correction.

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

Ether: Breakout Signals Move Toward $3,400

Ether (ETH) has broken out of an expanding triangle pattern and cleared the 61.8% Fibonacci retracement of its December-April decline, setting sights on $3,400—a level favored by options traders.

The 14-day RSI has climbed above 70, indicating strong bullish momentum, while the 50- and 100-day simple moving averages are trending upward. The ETH/BTC ratio has also broken out, hinting at potential outperformance by Ether. The $2,933 low from Tuesday acts as key support.

AI’s Take: Ether looks strong for a move to $3,400, backed by solid technicals and relative strength against Bitcoin. Watch $2,933 support closely.

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

Solana: Holding Steady Near 200-Day Moving Average

Solana (SOL) is trading steadily near its 200-day simple moving average, showing resilience compared to the sharp reversals seen at this level in May.

Price action above the Ichimoku cloud and an RSI above 50 suggest that resistance at $168 may soon become support. The next resistance target is $200. Tuesday’s low of $157.13 is an important support level.

AI’s Take: Solana’s ability to hold the 200-day SMA indicates growing bullish momentum.

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

XRP: Bullish Bounce Tempered by Caution

XRP has bounced after breaking out of a downward channel and moving above the Ichimoku cloud on the hourly chart. This could lead to a retest of recent highs above $3.00.

However, the daily chart shows a ‘hanging man’ candlestick—a bearish reversal signal—which suggests sellers may reemerge. Falling below $2.80 support could lead to further downside.

AI’s Take: While XRP shows short-term strength, the hanging man warns traders to remain cautious.