XRP Hits All-Time High Before Forming Bearish Double Top Pattern, Ether Prints 'Doji'

This is a daily analysis of top tokens with CME futures by CoinDesk analyst and Chartered Market Technician Omkar Godbole.

Ether: Signs of Indecision

Ether's ETH$2,319.58 Doji candle on Monday signals indecision in the market following a near 90-degree rise from $2,100 to $3,800 in less than four weeks. The pattern has neutralized the immediate bullish outlook, establishing Monday's high of $3,859 as the level to beat for the bulls. Note that the $3,800-$4,100 range is where ether topped out in March 2024, May 2024 and December 2024.

While prices remain below Monday's high, the focus will be on the bearish shift in intraday indicators and the possibility of a notable price pullback. Price action on the 15-minute candlestick chart indicates a breakdown of the head-and-shoulders (H&S) pattern. The bearish pattern suggests a potential price drop to $3,550.

Supporting the interim bear case is the hourly chart, where prices have crossed below the Ichimoku cloud, signaling a bearish shift in momentum.

• AI's take: Traders should be cautious, watching if ETH can definitively break and hold above this multi-month ceiling ($3,800-$4,100) or if a pullback is imminent from this historically topped-out zone.
• Resistance: $4,000, $4,109, $4,382.
• Support: $3,480, $3,081, $2,879.

XRP: Double top

Since Friday, XRP XRP$1.6227 has largely traded within a range, with upside capped above $3.6 and support at around $3.35. The sideways churn resembles a typical temporary bull breather observed after strong rallies. That said, on the hourly chart, it has taken the shape of a double top, a bearish reversal pattern identified by twin peaks separated by a valley (price drop).

A move below $3.35 would trigger the double top breakdown, potentially opening the door for an extended pullback to $3. The Guppy multiple moving average (GMMA) indicator has already flipped bearish on the hourly chart, suggesting greater odds of a double top breakdown.

On the higher side, a convincing move above $3.65 would signal the continuation of the bull run that has seen prices surge 54% to record highs this month.

• AI's take: While XRP's broader outlook remains constructive, the current double top and bearish hourly GMMA warrant caution.
• Resistance: $3.65, $4
• Support: $3.35, $3, $2.65.

Bitcoin: Triangular consolidation

Bitcoin BTC$78,194.65 continues to consolidate in a descending triangle, identified by a downward-sloping trendline connecting lower highs since July 14, and another trendline connecting the horizontal support at around $116,000.

A move past the upper trendline would signal the end of the bull breather, potentially yielding a rally to record highs above $123,000. Conversely, a downside break would raise the risk of a deeper pullback, with major support seen directly at $111,965, the former record high from May.

• AI's take: BTC is currently at a high-stakes inflection point, consolidating within a bearish descending triangle, making its immediate future direction highly contingent on a decisive break of key price levels.
• Resistance: $120,000, $123,181.
• Support: $116,000, $115,739, $111,965.

Solana: Fades spike above $200

Solana's SOL SOL$103.53 has pulled back to $194 from the five-month high of $204 early today, printing a daily candle with a long upper wick, a sign of sellers looking to reassert themselves. Key momentum indicators, such as the hourly chart MACD, have flipped decisively bearish, suggesting scope for an extended decline toward the former resistance-turned-support level at $185. The broader outlook remains constructive, as prices remain above the Ichimoku cloud on the daily chart and are locked in an ascending channel.

• AI's take: The pullback from $204 with a long upper wick and bearish hourly MACD signals immediate selling pressure and the potential for a deeper short-term correction towards $185.
• Resistance: $204, $218, $252-$264.