- Cyber Hornet filed for three hybrid exchange-traded funds (ETFs), including the S&P 500, with top altcoins like Ethereum, Solana, and XRP.
- The Ethereum price breakdown below $4,000 signals the completion of a traditional reversal pattern called a triple top.
- XRP price holds its bullish narrative amid the formation of the pennant pattern.
- The Solana price is seeking support at the 100-day exponential moving average.
On Friday, September 26th, the cryptocurrency market experienced a slowdown in correction momentum following intense selling pressure earlier in the week. As a result, the Bitcoin price retested the $110,000 mark, and the majority of major altcoins, including Ethereum, XRP, and Solana, showed a sharp rebound. The buying pressure gained additional momentum as Cyber Hornet filled three unconventional funds that split exposure between the S&P 500 and these aforementioned altcoins.
Cyber Hornet Plans Hybrid ETFs Tying S&P 500 to ETH, SOL, XRP
A fresh batch of hybrid exchange-traded funds is heading to the regulatory queue, combining traditional equity exposure with prominent cryptocurrencies. Cyber Hornet has filed registrations for three unconventional funds, which allocate exposure between the S&P 500 and several different cryptocurrencies, according to Bloomberg analyst Eric Balchunas. Both funds would consist of 75 percent U.S. equities and 25 percent crypto, and individual funds would be attached to Ethereum (EEE), Solana (SSS), and XRP (XXX).
The strategy resembles an effort to strike a balance between blue-chip corporate exposure and the risk and potential gain of crypto markets. Although Bitcoin-linked ETFs have already started to transform institutional access to digital assets, these filings indicate that issuers are seeking to go beyond the original cryptocurrency in an attempt to capture the attention of various classes of investors.
Should it pass, the funds would be the first to put investors to the test in terms of packaged equity-crypto strategies. How both markets respond in parallel will determine whether this innovation will result in diversification or merely add to the risks of compounding.
Ethereum Price Analysis
Ethereum, the second-largest cryptocurrency by market capitalization, showcased a sharp decline from $4,768 to $3,820—a 19.8% fall—in the last two weeks. A deeper analysis of the daily chart reveals that this downswing led to the formation of a bearish reversal pattern known as a ‘Triple Top ‘, with a neckline breakdown at $4,000.
With an intraday gain of 4.16%, the coin price tested the breached trendline as potential resistance. If the overhead selling pressure increases, the Ethereum price could fall by 17% and seek support at $3,350.
The momentum indicator RSI at 38% supports the bearish narrative.
XRP Price Analysis
In the last two weeks, the XRP price recorded a V-top reversal from $3.18 to $2.68, registering a 15.3% loss. In the daily chart, this downswing came as a temporary pullback within the formation of a bullish pennant pattern.
The chart setup is characterized by a sharp ascending trendline, denoting the dominant force in price, followed by a temporary pullback to recoup the exhausted bullish momentum. Currently, the XRP price seeks support from the pattern’s bottom trendline, preparing its next swing in the daily chart.
A potential bullish breakout from the overhead trendline will signal the renewed recovery momentum and set XRP for a $3.6 rally.
Solana Price Analysis
SOL, the native cryptocurrency of the Solana ecosystem, has shown a sharp downswing from $253 to $190 since last week, projecting a loss of 24.7%. Following this Cyber Hornet filling, the Solana price is currently placed above the combined support of the ascending trendline and the 100-day exponential moving average.
With today’s jump of over 5%, the Solana (SOL) reflects intact demand pressure at these dynamic support levels, signalling an opportunity for reversal. If the support is maintained, the coin price could rechallenge the overhead trendline $218 to convert its recovery potential.
However, if the bottom trendline breaks, the SOL price could enter a deeper correction.
