The cryptocurrency market is cooling down after a brief recovery driven by easing geopolitical tensions. Ethereum and Hyperliquid are drawing investor attention.
Market Overview
The cryptocurrency market is showing signs of cooling down after a sharp recovery earlier this week, triggered by easing geopolitical tensions between Israel and Iran. Ethereum (ETH), which rebounded from $2,113 to as high as $2,520, has now come back to around $2,440.
Bearish Bat Pattern Formation in Hyperliquid
On the 4-hour chart, HYPE is in the early stages of forming a potential Bearish Bat harmonic pattern that often hints at price reversals once it completes the CD leg. The structure is becoming clearer as the pattern develops. The move appears to have started from the local high near $45.79 (point X); the price dropped and bounced, forming the XA and AB legs. Currently, the price is working through the BC leg, and if the pattern continues, it may pull back to the $32.34 area, which could mark point C.
Outlook for Hyperliquid
The key area to watch now is the C point. If HYPE dips to that zone around $32.34 and finds strong support, it could mark the start of a rebound towards the PRZ. This move could result in a rally of over 35% from the expected C point. However, caution is needed as the Bat pattern remains unconfirmed until HYPE completes the C leg and starts moving higher.
Currently, there is uncertainty in the market, but the development of the Bearish Bat pattern in Hyperliquid offers potential rebound opportunities. Investors should remain cautious and consider potential risks.
