Market Overview for Ethereum/Mexican Peso (ETHMXN) on 2025-10-08

• ETHMXN opened at 83040.0 and closed at 81910.0, down -1.36% over 24 hours, with a low of 81890.0 and a high of 83040.0.
• Price formed a bearish trend with a large bearish engulfing pattern around 2025-10-07 1600–1630, signaling bearish momentum.
• Volatility expanded in the early hours of 10-08 as prices dropped sharply to 81910.0.
• Volume was minimal during most of the day, but spiked at 021500 and 043000.
• RSI and MACD showed weakening momentum with no signs of overbought conditions, suggesting further downside risk.

Ethereum/Mexican Peso (ETHMXN) opened at 83040.0 on 2025-10-07 12:00 ET and closed at 81910.0 on 2025-10-08 12:00 ET. The 24-hour period saw a high of 83040.0 and a low of 81890.0, with a total volume of 1.0288 and a notional turnover of approximately 83,258.73 MXN. The price action formed a clear bearish trend, with key bearish signals appearing during midday on the 7th.

Structure & Formations

The 15-minute OHLCV data revealed a bearish engulfing pattern between 16:00–16:30 ET on the 7th, as prices dropped from 83040.0 to 82424.0. A doji-like pattern at 16:45 ET marked a brief consolidation before a further leg down to 81910.0. The price remained below key resistance levels from 82553.0 to 82784.0, with strong support emerging near 81910.0, where price settled for the final 12 hours. The formation of a descending channel is evident, with the lower boundary supporting price at 81910.0.

Moving Averages

On the 15-minute chart, the 20-period and 50-period moving averages both trended downward, confirming the bearish bias. On the daily chart, the 50/100/200-period moving averages are not available for today, but the trend is clearly bearish, with prices falling below previous key levels. The 20-period MA acted as a dynamic resistance during the early drop on the 7th and remained below the price action throughout the session.

MACD & RSI

The MACD line turned negative early on the 7th and remained below the signal line, indicating bearish momentum. RSI dipped below 50 early in the day and hovered around 30–40, suggesting oversold conditions are approaching, though not yet reached. This implies that while momentum is weak, it may not yet be overextended, potentially leaving room for short-term corrections or consolidation.

Bollinger Bands

Volatility expanded during the overnight session as prices moved from 82553.0 to 81910.0. The price settled near the lower band of the Bollinger Bands, indicating a potential oversold condition. However, the bands themselves were relatively wide during the 7th–8th transition, which may suggest a continuation of the bearish trend rather than a reversal.

Volume & Turnover

Volume was minimal for most of the session, particularly between 16:00–23:30 ET on the 7th, but surged at 02:15 and 04:30 ET on the 8th. The volume increase at 04:30 ET coincided with a sharp drop from 82784.0 to 82133.0, suggesting aggressive selling pressure. Turnover closely mirrored volume spikes and confirmed the price drop, with no divergence observed.

Fibonacci Retracements

The recent bearish leg from 83040.0 to 81890.0 saw the price test the 61.8% Fibonacci level at approximately 82360.0, but failed to hold. The 38.2% level at 82630.0 also acted as resistance during the 8th, as price moved upward briefly before reversing lower. On a daily timeframe, Fibonacci levels were not available due to incomplete prior data.

Backtest Hypothesis

The bearish engulfing pattern observed around 16:00–16:30 ET aligns with a potential short entry strategy based on reversal signals. A backtest strategy could involve entering a short position at the close of the engulfing candle, targeting a stop-loss above the engulfing high (83040.0) and a take-profit at the prior support level of 81910.0. Given the minimal volume and confirmation by the MACD and RSI, this pattern appears valid and could be further tested over historical ETHMXN data to assess its effectiveness under similar volatility and volume conditions.