Date: Fri, June 13, 2025 | 07:46 AM GMT
The cryptocurrency market has just experienced a brutal shake-up. Ethereum (ETH) took a sharper 9% hit, now hovering near $2,500, following mounting geopolitical tensions, as Israel reportedly launched large-scale airstrikes on Iran. Unsurprisingly, altcoins weren’t spared — and Hyperliquid (HYPE) is among the notable names facing a pullback.
HYPE is currently down by over 6%, and a closer look at the chart reveals that this drop isn’t just driven by global headlines — it also ties closely to a key technical pattern signaling a short-term correction may be underway.
Bearish Butterfly in Play
HYPE’s 4-hour chart presents a Bearish Butterfly harmonic pattern — a well-recognized setup that often precedes short-term reversals. The D-point of this pattern was completed near the $42.51 level, aligning perfectly with the 1.272 Fibonacci extension of the X-to-C leg. This region is often referred to as the Potential Reversal Zone (PRZ) — and true to form, price action reversed sharply from this zone.
Following this completion, HYPE swiftly dropped below the 0.382 Fibonacci retracement level of the CD leg at $38.74, briefly touching a low of $37.31 before recovering slightly to $39.13 at the time of writing.
What’s Next for HYPE?
Now that the $38.74 level (0.382 Fibonacci) has been tested, traders are watching to see if this zone can establish itself as support. If it holds, there is potential for a bullish bounce — possibly retesting the recent highs near $42.50.
However, if price action slips further below $38.74, the next key level to watch is the 0.618 Fibonacci retracement at $36.41. This zone is commonly seen as a deeper correction area and may serve as a more robust support, potentially triggering a stronger reversal.
In either case, $42.55 remains the upside target if bulls regain control — but much depends on how price behaves in the $38–$36 range.
Final Thoughts
While global events added downward pressure to the crypto market, HYPE’s price action is also shaped by harmonic structure and Fibonacci zones. Traders should watch for confirmation signals at the key support levels before making directional bets.
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