On October 9, several major cryptocurrencies, including Ethereum and Zcash, faced increasing bearish pressure as they retreated from recent highs. Market analysts are closely monitoring key support levels to determine if these assets can rebound or if a deeper downward trend is imminent.
Zcash's 30 percent slide from the $1,700 September peak
The recent volatility in Zcash reflects a broader cooling period for many altcoins following the aggressive rallies seen in late summer. As the report indicates, Zcash is currently trading around $1,190, representing a significant 30 percent drop from its September peak of approximately $1,700.
The asset is currently struggling to maintain its position above the "green" moving average of $1,340, which has recently acted as a barrier. According to the technical analysis, if buyers cannot facilitate a breakout from the $1,180 support level, the coin could see a deeper correction toward the $1,040 segment.
Ethereum's battle to hold the $2,505 "blue" moving average
Ethereum is navigating a period of heightened uncertainty as it hovers around $2,525. This price action follows a brief surge from $2,700 earlier in the day, but the asset is now struggling to maintain its footing above key technical indicators.
The $2,505 "blue" moving average has emerged as a critical support on the daily chart. While a breakout above $2,550 could potentially send the coin back toward its September high of $2,800, a daily close below the $2,500 mark would likely confirm a bearish swing toward the $2,350 support zone.
Shiba Inu's struggle below the $0.00000565 long-term average
Shiba Inu is currently experiencing downward pressure, traidng at $0.00000542 . This level has pushed the token below its long-term moving average of $0.00000565, signaling a shift in sentiment for the meme-based asset.
Traders are now monitoring the $0.00000529 "orange" line as the next potential floor. If this level fails, the token may fall toward a historical support zone established in mid-September, which sits between $0.00000500 and $0.00000510.
Hyperliquid's $84 support and the mystery of low market volume
Hyperliquid stands out as a relative outlier in this bearish landscape, trading at $85.76. While it has eased from its September high of $94, it remains positioned above its major moving averages, suggesting a more resilient trend compared to its peers.
Despite this resilience, several critical questions remain regarding the broader market's health. The report notes that low daily volume is accompanying recent moves, leaving it unclear if this lack of momentum will trigger a sudden liquidity drop.. Traders are also left wondering if Ethereum can sustain its position above the $2,500 level or if the current cluster between $2,400 and $2,350 is the new reality. Furthermore, it remains unverified whether Shiba Inu's neutral RSI will lead to a gradual recovery or if the token is merely pausing before a sharper decline.
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