Hyperliquid remains bullish, Zcash faces correction risks, ETH and SHIB are struggling at key levels

The trend of major cryptocurrencies is divided: The technical side shows a signal of both optimism and caution.

After a recent round of rising prices, the price performance of major cryptocurrencies has shown a differentiated trend. Technical indicators show both continued optimism and growing caution among the trader community.

Hyperliquid (HYPE): Grounds slow, but bullish structure remains intact

Hyperliquid (HYPE) shows fatigue after its largest rally this year. HYPE fell about 3.2% during the day and is currently trading at $82.50, falling back from a recent local high of around $89. Despite the correction, its technical structure remains positive. In late August, HYPE broke through the US$56 - 60 range and surpassed its previous high of US$75, remaining above all major daily moving averages.

Currently, the 20-day moving average is rapidly rising to approximately US$77.82, while the 50-day and 100-day moving averages are at US$66.82 and US$65.39 respectively. The 200-day moving average is at nearly $57. It is unclear whether the decline is a regular profit-taking or a deeper correction. Relative Strength Index (RSI) data showed that as price momentum cooled, the RSI has fallen back from the overbought region to 57 points, indicating that the market has returned to equilibrium.

There is support in the US$78 to US$80 range, which overlaps with the 20-day moving average and recent consolidation areas. If this range can be maintained, it will pave the way for HYPE to hit another $88 to $90. A successful breakthrough is expected to open the path to the psychological barrier of $100.

Zcash (ZEC): Increased risk of pullbacks in uptrend

The privacy-focused cryptocurrency Zcash (ZEC) is still in an uptrend, but current technical signals highlight the increased risk of pullbacks. After briefly breaking through $1,240, ZEC is now trading at around $1,149, continuing a rally since around $480 in early August. Its price remains well above the main moving average.

Specifically, the 20-day moving average has climbed to $849,$651 on the 50-day, and $614 on the 100-day, while the 200-day moving average lags behind $512. This huge separation between moving averages reflects strong momentum, but also means that technical support will appear weak once selling pressure intensifies. The daily RSI remains at a high of 75.8, indicating that the market is overbought. Such readings do not always signal an immediate reversal, but highlight the high risks at current price levels.

Immediate resistance is in the $1,230 - 1,250 region. If it breaks through this area, prices could push further to US$1,300. On the downside side, we need to first pay attention to the US$1,080-US$1,100 range, and US$1,000 is the bottom line of psychological support. Even if it falls further to near $850, ZEC will remain above the fast-rising 20-day moving average, thereby retaining a broader bullish structure.

Mini Dictionary: Zcash (ZEC) was launched in 2016. It is a cryptocurrency focused on privacy and anonymity that uses zero-knowledge proof technology to allow transactions to be verified without revealing sender, recipient or amount details.

Ethereum and Shiba Inu: Facing key resistance levels

Ethereum (ETH) is currently consolidating above $2,400 after breaking through in August. Despite repeated attempts by sellers to suppress it, the price structure remains intact, with ETH currently trading at US$2,459 and remaining above the main moving average. ETH has significantly exceeded the long-term range of US$1,880 - 1,920 and well above its 20-day and 200-day moving averages (US$2,345 and US$2,185 respectively). The 50th and 100th moving averages are lower at $2,127 and $2,101 respectively. However, as trading volume fell and the RSI fell to around 60, market momentum weakened and entered a consolidation period.

The US$2,520 - 2,560 region constitutes direct resistance, and many previous attempts to break through have failed. If we can clearly break through US$2,560, it will lay the foundation for moving towards US$2,600 - 2,650. Support is set at $2,400, and if it breaks below this level, the 20-day moving average ($2,345) will become a new defensive point. As long as these support areas are effective, the overall bullish outlook will continue. ETH has repeatedly tried to break through resistance, but as momentum waned, trading activity tended to consolidate above key supports.

Shiba Inu (SHIB) has formed a series of higher lows after recovering from $0.0000440 in August and is now stabilizing above $0.00000541. The short-term structure is constructive, with the SHIB remaining above the 20-day average ($0.0000517), while the 50-day and 100-day averages are at $0.0000491 and $0.00000503 respectively. Although the uptrend line remains in effect, the 200-day moving average ($0.0000567) is the main obstacle. Breaking this level will open the door to US$0.0000600-US$0.0000620. If SHIB loses support of $0.0000517, the line of defense may shift to the $0.0000490 - 0.0000500 range. Compared with previous rounds of rallies, trading volume has declined, and the RSI remains at around 57, indicating that the momentum is neutral and positive.