Market Overview for Ethereum/Mexican Peso (ETHMXN) on 2025-10-31

• ETHMXN traded in a tight range early before a sharp decline and consolidation near 68K MXN.
• A significant volume spike emerged after the 69K MXN level, suggesting increased interest or exhaustion.
• Late-day buying pressure pushed prices to a 24-hour high of 71,604 MXN, ending with a strong bullish reversal.
• RSI and MACD hint at short-term overbought conditions, while Bollinger Bands show moderate volatility.
• The 69,000–70,200 MXN zone appears to be a key area of contention between buyers and sellers.

The Ethereum/Mexican Peso (ETHMXN) pair opened at 70,300 MXN on 2025-10-31, with a 24-hour high of 71,604 MXN and low of 68,600 MXN, closing at 71,577 MXN. The total volume traded over 24 hours was 8.1043 ETH, and the notional turnover was approximately 612,876 MXN. Price action showed a bearish breakdown to 69K MXN before a late rally.

Key support levels are observed near 69,000 MXN and 68,600 MXN, both of which were tested and partially held. Resistance levels are emerging at 70,200 MXN and 71,600 MXN, where the price stalled on multiple occasions. A notable bearish engulfing pattern was observed during the early decline, followed by a strong bullish reversal near the close. These patterns suggest a potential consolidation period ahead if the 71,600 MXN level holds.

The 20-period and 50-period moving averages on the 15-minute chart show a slight bullish crossover near the close, while the 200-period MA on the daily chart remains bearish. MACD lines crossed into positive territory after the 19:30 ET rally, suggesting a temporary momentum shift to the upside. However, the RSI indicates overbought conditions, with values reaching into the 70–75 range, signaling a possible pullback. This combination of momentum and price action may point to a short-term reversal risk.

Bollinger Bands expanded as the price rallied, reaching the upper band near 71,600 MXN before closing slightly below it. This suggests a moderate expansion in volatility and increased participation from buyers. However, the price may face resistance at the upper band over the next 24 hours if the trend lacks follow-through volume. Conversely, a retest of the lower band at 68,600 MXN may indicate renewed bearish pressure.

Looking ahead, the key technical levels to watch are 69,000 MXN (support), 70,200 MXN (intermediate support), and 71,600 MXN (resistance). A sustained close above 71,600 MXN could trigger a broader bullish move, while a breakdown below 69,000 MXN could signal renewed bearish momentum. Traders should remain cautious, as overbought conditions and mixed moving average crossovers imply a possible consolidation phase. Volatility remains moderate, so large swings are unlikely unless new catalysts emerge.

The backtesting strategy relies on identifying and acting on specific candlestick patterns. The bullish engulfing pattern, which occurred during the late-day rally, could be used as an entry signal, while the bearish engulfing pattern during the early decline serves as an exit signal. These patterns are commonly used in short-term trading systems due to their clear directional bias and ease of identification. Given the ETHMXN's recent price action and the presence of both patterns, this strategy appears viable for further testing.