Market Overview: Ethereum/Zloty (ETHPLN) 24-Hour Candlestick Summary

• Ethereum/Zloty (ETHPLN) traded lower in 24 hours, with a sharp drop in late night ET.
• Price formed bearish engulfing patterns and tested key support levels multiple times.
• Volatility spiked during the selloff, with volume surging on breakdowns below key levels.
• RSI signaled oversold conditions, but price failed to reverse, suggesting bearish momentum.
• Bollinger Bands expanded, indicating increased market uncertainty and consolidation ahead.

On October 28, 2025 at 12:00 ET, Ethereum/Zloty (ETHPLN) opened at 15112.0, traded to a high of 15341.0, a low of 14760.0, and closed at 14924.0. Total volume amounted to 18.4182 ETH, with a turnover of PLN 281,398.96 over the 24-hour window. A broad bearish move unfolded overnight, particularly from 02:30 to 04:00 ET, as price fell more than 1200 PLN, forming multiple bearish engulfing patterns. The structure appears to have cleared prior resistance into support, with 14903.0 becoming a key pivot.

Support levels at 14903.0 and 14819.0 showed significant volume and price action, indicating strong bearish conviction. Resistance is now concentrated between 15000.0 and 15021.0, where price previously failed to break through. The 20-period and 50-period moving averages on the 15-minute chart are both below current price, reinforcing a short-term bearish bias. On a daily basis, the 50/100/200-period averages are mixed, with the 200SMA still above the current price, hinting at a possible longer-term divergence.

MACD remains bearish, with a negative histogram and a cross below the signal line, suggesting momentum is on the downside. RSI has dipped below 30, signaling an oversold condition, yet price has not bounced, which could point to a breakdown scenario. Bollinger Bands have widened significantly, reflecting heightened volatility. Price appears to have settled just above the 20-period moving average, though below the lower band, suggesting it may test the lower boundary for confirmation or rejection.

The Fibonacci retracement levels from the recent swing high at 15341.0 and low at 14760.0 indicate 38.2% at 15060.0 and 61.8% at 14948.0. Price closed near the 61.8% level, which may act as a temporary support zone. Given the bearish momentum and key support levels being tested, a retest of 14819.0 or even 14760.0 appears likely if the current trend persists. However, buyers may defend the 14903.0 level if oversold RSI triggers a bounce.

Backtest Hypothesis
A backtest for the ETHPLN pair could utilize RSI(14) to identify oversold conditions, specifically when RSI dips below 30 and price remains above the 20-period moving average, signaling a potential bounce. This would be combined with volume confirmation—higher volume on a rebound would increase the likelihood of a successful reversal. However, as seen in the overnight selloff, price can remain oversold for extended periods without a bounce, particularly in a bearish trend. A refined strategy would include a stop-loss at the nearest support level and a target near the 61.8% Fibonacci retracement. This approach could help filter out false signals during high volatility periods.