Ethereum/Yen (ETHJPY) 24-Hour Market Overview

• ETHJPY opened at 681,974, reached 690,564, and closed at 680,160 amid mixed volume-driven action.• Price action showed a midday surge to 686,900, followed by a sharp pullback below 680,000 in the late session.• Volatility expanded during the 0200-0600 ET window, with volume spiking 3–4× above 15-minute averages.• RSI hovered near overbought levels briefly, while MACD signaled fading bullish momentum.• Key resistance remains at 686,000–688,000 and support at 679,000–680,000 for near-term positioning.

Ethereum/Yen (ETHJPY) traded in a 24-hour range of 674,711–690,564, opening at 681,974 and closing at 680,160. Total volume amounted to 1,471.44 ETH, with notional turnover reaching 996,653,454 JPY. The session featured sharp intraday swings, particularly in the early morning hours, and a late afternoon/early evening pullback.

Structure & Formations

Price action on ETHJPY revealed a bullish break and retest of the 684,000–686,000 resistance cluster in the early morning hours, followed by a bearish reversal into a 680,000–678,000 support zone. A key bearish engulfing pattern formed at 0800–0815 ET, confirming a shift in momentum. The session’s closing candle near 680,160 appears to sit at a critical psychological level, possibly acting as a near-term floor if bullish buyers step in.

Moving Averages

The 20- and 50-period moving averages on the 15-minute chart crossed lower in the late afternoon and evening, suggesting a bearish bias. On the daily chart, the 50-period MA sits slightly above the 100-period line, indicating a mixed intermediate trend, while the 200-period MA remains as a key long-term support zone near 680,000.

MACD & RSI

The MACD crossed into negative territory during the late afternoon and remained bearish through the close. RSI hit 68 during the early morning surge but declined into the 52–55 range by session close, suggesting a return to equilibrium. Both indicators suggest that while the rally may not be overbought, the bullish momentum has weakened significantly.

Bollinger Bands

Bollinger Bands showed a moderate expansion in the 0200–0600 ET window as volatility increased following the break of 686,500. Price spent much of the late afternoon inside the bands but closed near the lower band, signaling a potential test of the 678,000–680,000 support corridor. A retest of the upper band in the next 24 hours could confirm the continuation of a bullish bounce or a deeper pullback.

Volume & Turnover

Volume peaked at over 45 ETH during the 0300–0345 ET window as price traded in the 678,000–680,000 range. Turnover spiked alongside the move through 686,000 and again during the bearish reversal at 0800 ET. A divergence between rising volume and falling price in the late session suggests bearish conviction, although confirmation at key levels will be needed to assess the strength of the trend.

Fibonacci Retracements

Fibonacci retracement levels from the 674,711–690,564 move identified key areas of 684,000 (61.8%) and 686,000 (78.6%) as potential resistance. The 678,000–680,000 range (38.2%) now appears as a critical support cluster. A close below 676,000 (50%) would open the door to a test of the 674,000 level.

Backtest Hypothesis

The backtesting strategy described involves entering a long position when price breaks above the 15-minute 50-period MA with volume above the 5-day average, and exiting on a close below the 20-period MA. Given today’s action, this strategy would have entered on the early morning break above 686,000 but exited during the afternoon bearish crossover. The approach appears viable in high-volatility regimes but requires tighter stop-loss parameters to manage risk during intraday corrections like the one observed after 0800 ET.