July 16, 2025: Ether Eyes $3,400 After Breakout as Major Cryptos Head Higher
Bitcoin: Poised to Challenge Record Highs
Bitcoin (BTC) is showing signs of a fresh upward move after breaking out of a descending channel on the hourly chart. The price formed a higher low near $117,000 earlier today and crossed above the Guppy Multiple Moving Average (GMMA). The short-term EMA (white) is on the verge of crossing above the long-term EMA (red), signaling renewed bullish momentum.
A move above the Ichimoku cloud could accelerate gains toward new highs. However, if BTC slips below $117,000, a pullback to $111,965—the breakout level from May—could unfold.
Strong bullish sentiment is supported by record-high cumulative open interest in USD- and USDT-denominated perpetual contracts on offshore exchanges such as Binance, OKX, Deribit, and Bybit, along with positive funding rates indicating growing leveraged long positions.
AI’s Take: Bitcoin is gearing up for another rally, but bulls must hold the $117,000 support to keep momentum intact.
- Resistance: $120,000, $123,181
- Support: $117,000, $113,688 (38.2% Fib retracement), $111,965
Ether: Breakout Points to $3,400
Ether (ETH) broke out of an expanding triangle pattern and surpassed the 61.8% Fibonacci retracement of its December-April sell-off, setting the stage for a run toward $3,400—a key target favored by options traders.
The 14-day RSI crossed above 70, reflecting strong upward momentum, while the 50- and 100-day SMAs continue their uptrend. The ETH/BTC ratio has also broken a long consolidation, suggesting Ether could outperform Bitcoin. Support sits at Tuesday’s low of $2,933.
AI’s Take: Ether looks strong for a move to $3,400, buoyed by solid technical signals and relative strength versus Bitcoin. Watch the $2,933 level closely.
- Resistance: $3,400, $3,570, $4,000
- Support: $2,933, $2,739, $2,600
Solana: Bulls Hold Ground Near 200-Day SMA
Solana’s (SOL) price action near the 200-day simple moving average is holding steady, a positive sign compared to the sharp reversals seen in May.
With the price above the Ichimoku cloud and RSI above 50, the $168 resistance may soon flip to support. The next resistance level is $200. Tuesday’s low at $157.13 serves as key support.
AI’s Take: Solana’s ability to hold the 200-day SMA suggests bullish momentum is building.
- Resistance: $168, $187, $200
- Support: $157, $145, $125
XRP: Cautious Optimism Amid ‘Hanging Man’ Signal
XRP has broken out of a descending channel and crossed above the Ichimoku cloud on the hourly chart, signaling potential to revisit recent highs above $3.00.
However, a ‘hanging man’ candlestick on the daily chart—a red candle with a long lower wick—warns that bears might be ready to push back. Losing support at $2.80 could lead to a deeper pullback.
AI’s Take: While short-term momentum is bullish, the daily hanging man advises caution for traders.
- Resistance: $3.00, $3.40
- Support: $2.80, $2.60–$2.65, $2.38
