Market Overview for Ethereum/Dai (ETHDAI) – 24-Hour Summary as of 2025-11-12

Summary
• ETHDAI opened at 3482.38, traded between 3414.38 and 3498.58, and closed at 3483.79.
• A notable bearish engulfing pattern formed early in the session, followed by a volatile pullback.
• Volume spiked near session lows, suggesting increased selling pressure.

Ethereum/Dai (ETHDAI) opened at 3482.38 (12:00 ET–1) and reached a high of 3498.58 before closing at 3483.79 (12:00 ET) with a session low of 3414.38. Total traded volume amounted to 68.84 DAI, and total turnover was approximately 236,256 DAI over the 24-hour window. The pair experienced a choppy session, with a sharp bearish reversal followed by partial recovery.

Structure & Formations

Price action showed a bearish engulfing pattern in the early hours, with a strong rejection of higher levels. A key support level emerged around 3414.38–3421.34, which held during multiple attempts to break lower. A counter-trend rally from the 11 PM to 9 AM window suggested short-covering and buying interest. A doji-like formation at the close hinted at indecision, though the bearish bias remained intact.

Moving Averages

On the 15-minute chart, the 20-period moving average (SMA) crossed below the 50-period SMA, indicating a bearish crossover. The 50-period SMA appears to be a key resistance area around 3460–3470. On the daily chart, the 50- and 200-period SMAs are aligned bearishly, reinforcing the idea that the broader trend remains negative.

MACD & RSI

The MACD crossed into negative territory early in the session, reflecting bearish momentum. The RSI dropped to sub-30 levels near the session low, signaling an oversold condition. While this may suggest a potential bounce, it appears to be a bear trap rather than a reversal. The RSI remains below 50, indicating continued selling pressure.

Bollinger Bands

Price traded near the lower Bollinger Band for a large portion of the session, with volatility expanding as the pair fell to its low. A contraction in volatility occurred during the final recovery phase, which could indicate a pause or consolidation ahead. Traders may watch for a retest of the lower band as a potential entry trigger.

Volume & Turnover

Volume spiked sharply when the price dropped below 3430, especially during the hours between 10 PM and 12 AM. This suggests increased selling pressure and a lack of buying support at lower levels. Turnover aligned with volume, confirming the bearish sentiment. A divergence appears between price and volume during the final recovery phase, suggesting the move may lack conviction.

Fibonacci Retracements

On the 15-minute chart, the 61.8% Fibonacci retracement of the initial bearish move sat near 3450–3460. The 38.2% level at 3475–3480 provided temporary resistance. On the daily chart, the 61.8% level appears to be near 3400–3410, a level that could become increasingly relevant in the coming sessions.

Backtest Hypothesis

A potential short strategy could be based on the bearish engulfing pattern identified in the early hours of the session. For this setup, a short position could be entered at the close of the engulfing candle, with a stop above the high of the formation and a target at the 61.8% Fibonacci retracement of the preceding upswing. Using the 61.8% level from the swing low to the swing high, the exit would be at approximately 3450–3460, a level where the pair found resistance during the session. A backtest of this approach from 2022-01-01 to today could help assess its reliability in similar market conditions.