Daily rundown of leading CME-futures tokens by CoinDesk expert and Chartered Market Technician Omkar Godbole.
Bitcoin — Eyeing Another Shot at Its All-Time Peaks
The hourly chart of Bitcoin (BTC) reveals a recent breakout from a descending channel, with a fresh higher low forming near $117,000 earlier today. Coupled with this, price action has climbed above the Guppy multiple moving average (GMMA) tool, where the short-term EMA band (white) is poised to cross over its longer-term counterpart (red), signaling a potential surge in bullish momentum.
With the Ichimoku cloud looming ahead, a breakthrough above it could spark swift upward strides towards record highs. However, if BTC slips beneath the $117,000 mark, we might witness a deeper correction — possibly retracing to $111,965, the pivotal breakout level marked by the May peak.
Adding fuel to the bullish fire, cumulative open interest in USD- and USDT-based perpetual contracts on offshore platforms like Binance, OKX, Deribit, Bybit, and Hyperliquid has climbed to a near two-year zenith, supported by positive funding rates. This mix points to an intensifying appetite among traders for leveraged long plays.
- Analyst’s insight: Bitcoin appears ready to reignite its rally, with momentum indicators flipping bullish and hinting at fresh all-time highs on the horizon. Bulls are advised to guard the $117,000 threshold vigilantly, as falling below it could open the door to a sharper pullback.
- Resistance levels: $120,000, $123,181.
- Support zones: $117,000, $113,688 (notably the 38.2% Fibonacci retracement of June 22’s low), and $111,965.
Ether — Setting Sights on $3,400
Ether (ETH) appears primed for an advance, having surged beyond the broadening triangle pattern and cleared the 61.8% Fibonacci retracement from the December-to-April selloff. This milestone has traders on Derive eyeing the $3,400 mark as the next probable target.
The 14-day Relative Strength Index (RSI) has rocketed past the 70 threshold, reflecting robust bullish momentum alongside steadily climbing 50- and 100-day Simple Moving Averages (SMAs). Impressively, the ether-to-bitcoin ratio has cracked out of a long-held consolidation phase, signaling potential outperformance by ETH in the near term. On the flip side, the intraday low of $2,933 recorded on Tuesday stands as a crucial level for bears to defend.
Quick facts: Ethereum’s market capitalization currently surpasses $200 billion, ranking it second only to Bitcoin among cryptocurrencies. Over the past 30 days, ETH’s average daily trading volume has hovered around $25 billion, underscoring vibrant market activity.
- Analyst’s perspective: Technical breakouts coupled with ETH’s clear dominance over Bitcoin set the stage for a push toward $3,400. Vigilance around the $2,933 floor remains imperative.
- Resistance points: $3,400, $3,570, $4,000.
- Support tiers: $2,933, $2,739, $2,600.
Solana — Bulls Find Comfort Near 200-Day SMA
Solana’s (SOL) price action shows persistent trading around its 200-day Simple Moving Average, a marked improvement from the sharp bearish pullbacks witnessed in May. This newfound steadiness boosts confidence among bulls.
Adding to the optimism is a recent climb above the Ichimoku cloud, paired with an RSI comfortably above the neutral 50 mark. Together, these elements suggest that $168, once a resistance barrier, might soon become a support base. Beyond that, the $200 level looms as the next significant challenge. Meanwhile, Tuesday’s low around $157.13 serves as a critical support reference.
- Expert take: Solana is embracing a bullish stride, maintaining crucial support at its 200-day SMA—a turnaround from earlier reversals.
- Resistance zones: $168, $187, $200.
- Support levels: $157, $145, $125.
XRP — Cautiously Looking Up Following Tuesday’s ‘Hanging Man’
XRP’s hourly chart paints a tale of recovery, as the token broke out of a descending channel on Tuesday and stepped above the Ichimoku cloud in a bullish maneuver. This foundation could pave the way for a retry of recent peaks just above $3.00.
Nevertheless, the shadow of Tuesday’s hanging man candle—distinguished by its extended lower wick and small red body—casts a cautionary note, signaling that bears may be poised to regain control. Should the price falter below the $2.80 mark, a sharper downturn could be on the cards.
- Analyst’s viewpoint: While the hourly chart offers a bullish bounce, it’s the daily “hanging man” candlestick that carries weightier implications, as longer timeframes tend to deliver more dependable reversal signals.
- Resistance obstacles: $3.00, $3.40.
- Support areas: $2.80, $2.60–$2.65, $2.38.
Disclaimer: Portions of this analysis were crafted with AI assistance and thoroughly vetted by our editorial team to ensure factual accuracy and quality standards. For further details, consult CoinDesk’s comprehensive AI usage policy.