Market Overview for Ethereum/Argentine Peso (ETHARS)

Summary• Price dropped from 5,290,038 to 4,900,159 in the first 9 hours of the period.• A bullish recovery pushed ETHARS back above 5,000,000 by 11/5, with a high of 5,138,418.• Volatility was elevated, with RSI suggesting overbought levels during the rebound.

Ethereum/Argentine Peso (ETHARS) opened at 5,290,038 on 2025-11-04 at 12:00 ET and reached a high of 5,290,038 before dropping to a 24-hour low of 4,652,185. As of 12:00 ET on 2025-11-05, the pair closed at 5,060,000. Over the past 24 hours, total volume was 13.32 ETH, with a notional turnover of approximately 67,800,000 Argentine Pesos.

The price action showed a bearish bias in the first half of the period, with a sharp decline from the opening level. A strong rebound followed, forming a bullish pattern with a high on 11/5 that may indicate a reversal of short-term bearish momentum. However, the price remains below its 20-period moving average on the 15-minute chart, suggesting lingering bearish pressure.

Structure & Formations

Key support levels emerged at 4,900,000 and 4,850,000, where the price found temporary relief. A significant bearish engulfing pattern formed early in the session, followed by a bullish recovery that included a morning star-like pattern near the session’s end. The 24-hour low at 4,652,185 may offer a secondary support zone for the pair.

Moving Averages

On the 15-minute chart, the 20-period and 50-period moving averages are both bearish, with the 20-period MA crossing below the 50-period MA at several points during the session. On the daily chart, the 50-period MA appears to have crossed above the 100-period and 200-period MAs, indicating a possible short-term reversal in the longer-term trend. Traders should monitor whether price sustains above the 50-period MA on the daily timeframe.

MACD & RSI

The MACD line turned positive during the late hours of the session, supporting the idea of a short-term bullish shift. RSI reached overbought levels near the 70 mark during the recovery phase, suggesting potential for a pullback. However, the divergence between the RSI and price during the decline phase may hint at bearish exhaustion.

Bollinger Bands

Price volatility was high, with ETHARS trading near the lower band during the early part of the session before expanding outward. As the price recovered, it approached the upper band, suggesting a period of extended volatility. A contraction in the bands may follow, signaling a potential consolidation phase.

Volume & Turnover

Volume spiked during the sharp drop in the first 3 hours of the session, followed by another increase during the bullish recovery. Turnover increased in line with the price action, confirming the strength of the bullish move. A divergence in volume during the last hour of the session, with price rising and volume declining, may suggest a potential top forming.

Fibonacci Retracements

On the 15-minute chart, the 38.2% and 61.8% Fibonacci retracement levels were key during the recovery phase. The 61.8% level at around 5,000,000 was successfully tested and held. On the daily chart, the 61.8% retracement of the recent bearish move appears to align with the current price level, suggesting a possible consolidation or continuation phase.

Backtest Hypothesis

Given the bearish engulfing pattern followed by a recovery and a morning star-like structure, a potential backtesting strategy could involve entering long positions on a close above the 50-period MA with a stop loss just below the 4,900,000 support level. This approach would capitalize on the short-term bullish momentum observed, while technical indicators like MACD and RSI provide early signals for entry and exit points. ETHARS appears to be in a transitional phase, with both bearish and bullish elements in play.