Market Overview for Ethereum/Argentine Peso (ETHARS) on 2025-10-13

• Ethereum/Argentine Peso (ETHARS) fell 12.8% in 24 hours, closing at 5.95 million below a 6.3 million resistance.
• Volume dropped to 7.29 ETH after a 1.62 million rally attempt failed near 6.3 million.
• RSI hit oversold territory, suggesting potential near-term bounce but limited upside without volume confirmation.
• Bollinger Bands widened during the selloff, reflecting heightened volatility and uncertainty.
• A bearish engulfing pattern formed at 6.3 million, signaling possible continuation lower.

The Ethereum/Argentine Peso (ETHARS) pair opened at 6.128 million at 12:00 ET on 2025-10-12 and closed at 5.95 million at 12:00 ET on 2025-10-13, hitting a high of 6.371 million and a low of 5.748 million during the session. Total volume amounted to 7.29 ETH, with turnover reaching 42.7 million ARS. The pair exhibited a sharp pullback after a failed rally attempt above 6.3 million, forming key bearish patterns.

Key support levels emerged near 5.95 million and 5.79 million, with a critical 50% Fibonacci retracement at 5.96 million. Resistance appears consolidated near 6.3 million, where a bearish engulfing pattern suggests short-term continuation of the downtrend. The 20-period and 50-period moving averages on the 15-minute chart crossed into bearish territory, reinforcing the sell bias.

MACD showed a bearish crossover, with the histogram contracting into negative territory as momentum faded. RSI hit 28, entering oversold territory, indicating possible near-term support. However, without a volume spike or a break above 6.128 million, the likelihood of a sustained rally remains low. Bollinger Bands widened during the selloff, highlighting increased volatility and uncertain direction.

Volume spiked during the 6.3 million rally attempt but faded afterward, suggesting a lack of conviction. Turnover failed to confirm the move, raising concerns about the sustainability of any short-term bounce. The pair is now trading below both the 50-period and 200-period daily moving averages, reinforcing the bearish sentiment for the near term. Investors may watch for a break below 5.79 million as the next key trigger for further declines.

Backtest Hypothesis
The bearish engulfing pattern observed near 6.3 million could be tested using a 3-day holding strategy. A short entry may be triggered upon the close of the engulfing candle, with a stop-loss placed above 6.371 million and a profit target at 5.79 million. This strategy would need to be applied over a larger time period (e.g., 2022–2025) across a broader crypto universe or ETHARS specifically to assess profitability and risk-adjusted returns. The MACD and RSI divergence during the pullback adds a momentum-based filter for confirming short entries.