The cryptocurrency markets witnessed a noteworthy shift as Ethereum, Zcash, Shiba Inu, and Hyperliquid showed signs of declining short-term technical strength. Ethereum faces a crucial test at the $2,500 level. Zcash has fallen significantly from its September peak, while Shiba Inu has slipped below its long-term average. Despite a drop in Hyperliquid, its primary bullish structure remains intact.
Ethereum Eyes Key $2,500 Threshold
Ethereum saw its value decrease from approximately $2,700 to $2,525 within a single day. The cryptocurrency couldn’t surpass its September high of $2,800 and is now testing a short-term support near $2,505. A daily close above $2,550 could signal renewed strength for buyers.
The pullback occurred with high trading volume, suggesting that it is more than a regular market fluctuation. The Relative Strength Index (RSI) has fallen to around 42, indicating weak momentum, though not dipping into oversold territory. Should Ethereum close below $2,500 for the day, the next targets could be in the $2,400 to $2,350 range.
Ethereum’s immediate pivotal point is the $2,500 mark. Holding this level may see the asset trade between $2,500 and $2,700, while a dip would imply a deeper correction.
Zcash Remains Below September Peak
Zcash is currently trading at $1,190, a stark contrast to its September peak of approximately $1,700, marking a 30% decline. Its price reversed sharply after encountering resistance around $1,340, indicating a weakened short-term outlook.
The $1,180 zone now serves as the primary support, a level where buyers gained momentum back in September. A drop below this area could push Zcash towards a range of $1,050 to $1,100. The RSI hovering around 40 signifies weakened momentum but doesn’t suggest panic as trading volume remains low.
For Zcash, the $1,180 level is crucial for near-term direction. A bounce from this area could lead to a retest of $1,340, while breaking below it might gravitate the price towards $1,050.
Shiba Inu Under Pressure as Hyperliquid Shows Resilience
Shiba Inu has declined to $0.00000542, erasing much of the week’s gains and falling below its long-term average of approximately $0.00000565. The breach of a two-week support line presents a weak short-term outlook.
The next significant support is around $0.00000529. Falling below this support could see prices drop between $0.00000500 and $0.00000510. The RSI around 45 suggests sellers maintain their advantage without being in oversold conditions.
Hyperliquid has retreated from a weekly high of $94 to $85.76. However, staying above key moving averages suggests the asset’s overall bullish trend remains intact. Hyperliquid is recognized as the native token of a decentralized futures trading platform.
For Hyperliquid, the $84 to $85 range is the initial support. Maintaining this area might classify the recent dip as a typical correction within a bullish trend. A closure below $83.70 would increase the risk of further declines towards the $78 area.
