Cryptocurrencies Price Prediction: Hyperliquid, Bitcoin & Ethereum – Asian Wrap 17 December

Hyperliquid Price Forecast: HYPE stabilizes amid plans to burn assistance fund

Hyperliquid (HYPE) stabilizes above $26 at press time on Wednesday after three straight days of losses. Hyperliquid Foundation has started a validator vote to reduce supply by burning the assistance fund, which holds over 37 million HYPE tokens. The potential supply-reduction stimulus boosted bullish sentiment in the derivatives market, as evidenced by increased Open Interest and the funding rate.

Top 3 Price Prediction: Bitcoin, Ethereum, Ripple – BTC, ETH and XRP extend correction as bearish momentum builds

Bitcoin price was rejected from a descending trendline (drawn by connecting multiple highs since early October) on Friday and has declined nearly 7% since then, retesting the $85,569 support level on Monday. However, BTC rebounded slightly on Tuesday after finding support at $85,569. At the time of writing on Wednesday, BTC hovers at around $87,300. If BTC continues its correction and closes below $85,569 on a daily basis, which aligns with the 78.6% Fibonacci retracement, it could extend the decline toward the psychological $80,000 level.

Ethereum Price Forecast: Active addresses plunge to May levels amid resumption in US selling pressure

Ethereum (ETH) weekly active addresses have plunged sharply in December, declining from 440K to 324K, levels last visited in May. The decline in active addresses has also pushed down the number of transactions on the network to July lows. A sustained decline in active addresses and transaction count implies investors are moving to the sidelines. The absence of demand could cause prices to decline or move sideways until network activity picks up again.