Ethereum, Hyperliquid, Zcash face resistance as momentum cools
In brief
- Ethereum trades at $2,459 above major moving averages but faces resistance near $2,400 with cooling momentum
- Hyperliquid retreated 3.2% to $82.50 from $89 peak, RSI normalizing to 57 points
- Zcash surged to $1,149 from August's $480 but shows overbought RSI at 75.8 with limited support
Ethereum consolidates above moving averages
Ethereum is currently trading at about $2,459 as it consolidates following its explosive August breakout. The asset emerged from a protracted consolidation between $1,880 and $1,920 and quickly surpassed all of its major moving averages.
Currently, ETH is trading well above the 20-day average at about $2,345 and the 200-day average at about $2,185. The 50-day and 100-day averages sit at about $2,127 and $2,101, respectively. Yet momentum has decreased despite multiple attempts by sellers to drive the asset below $2,400.
The structure remains constructive. But near-term resistance could trigger consolidation before any fresh breakout.
Hyperliquid retreats from $89 peak
Hyperliquid (HYPE) dropped approximately 3.2 percent during the day and was trading at $82.50, retreating from a local peak near $89. The token surged from the $56–$60 range in late August and surpassed prior significant highs at $75.
HYPE's 20-day moving average is close to $77.82, while the 50-day and 100-day averages are at roughly $66.82 and $65.39 respectively. The RSI moved into overbought territory before declining to about 57 points, indicating momentum returned to normal while price corrected.
The crucial support zone for HYPE is between $78 and $80, overlapping with the 20-day moving average and recent consolidation area. The overall structure remains very bullish despite recent signs of weariness.
Zcash shows aggressive uptrend but elevated risk
Zcash (ZEC) briefly rose above $1,240 and is currently trading at about $1,149, continuing a rally that started in August at about $480. ZEC's 20-day moving average has increased to about $849, while the 50-day and 100-day averages are close to $651 and $614 respectively.
ZEC's daily RSI reading is in overbought territory at about 75.8. This elevated level raises caution. ZEC has very little technical support if momentum abruptly stops, as the price has significantly deviated from its main moving averages.
The recent $1,230–$1,250 peak for ZEC continues to be the first barrier, with a strong breakout potentially moving the market closer to $1,300. The first area to watch on the downside for ZEC is between $1,080 and $1,100, with $1,000 as the primary psychological support below it. ZEC is in an incredibly aggressive uptrend but faces a much greater risk of correction given its current technical configuration.
