Ethereum (ETH) is gaining strong bullish momentum, with technical indicators now pointing to a possible breakout toward $3,400, even as XRP flashes signs of caution after printing a potentially bearish candlestick pattern.
Bitcoin Clears Channel Resistance, Eyes All-Time Highs
Bitcoin (BTC) has reclaimed upward momentum after breaking out of a descending channel. A higher low formed at $117,000 marks a key bullish inflection point. Price has moved above the Guppy multiple moving average and is approaching the Ichimoku cloud, indicating further upside potential.
Open interest on perpetual futures has climbed to a two-year high across major exchanges, while funding rates remain positive — both suggest strong bullish conviction among leveraged traders. BTC is now testing key resistance at $120,000, with the next major barrier at $123,181.
Ethereum Breaks Triangle, Bullish Continuation Toward $3,400
Ether (ETH) has decisively broken out of an expanding triangle pattern, supported by a surge above the 61.8% Fibonacci retracement of its December–April correction. ETH also displays strong RSI readings (above 70) and climbing 50- and 100-day simple moving averages — all classic signs of bullish momentum.
Traders on options platform Derive are increasingly targeting $3,400 as a short-term upside level. The ETH/BTC ratio has also broken out of consolidation, suggesting Ether may continue outperforming Bitcoin in the near term.
- Resistance: $3,400, $3,570
- Support: $2,933, $2,739
XRP Faces Warning Sign Despite Short-Term Breakout
XRP briefly rose above its downward trendline, supported by a bullish Ichimoku crossover. However, the daily chart formed a ‘Hanging Man’ candle — a technical pattern often seen at the end of rallies, warning of potential reversal.
If XRP fails to hold support at $2.80, a retest of the $2.60–$2.65 zone may follow. Momentum will only resume if price breaks above the psychological $3.00 level with strong volume.
- Resistance: $3.00, $3.40
- Support: $2.80, $2.60
Solana Holds Steady at 200-Day Average
Solana (SOL) continues to consolidate near its 200-day simple moving average — a level it failed to hold during prior rallies in May. This time, however, bullish RSI and Ichimoku trends point to improving sentiment. A breakout above $168 could target $200, but failure to hold above $157 risks renewed pressure.
Disclaimer
This content is for informational purposes only and does not constitute financial, investment, or legal advice. Cryptocurrency trading involves risk and may result in financial loss.