Market Overview for Euler/USDC (EULUSDC)

• Euler/USDC (EULUSDC) declined sharply from a high of $7.719 to a low of $7.176 over the last 24 hours, ending near $7.368 at 12:00 ET.
• A 15-minute RSI moved into oversold territory briefly but failed to trigger a sustained rebound, suggesting weak immediate-term momentum.
• Volatility spiked during the downturn, with the largest 15-minute drop occurring around 14:15 ET when price fell from $7.258 to $7.176.
• Notional turnover surged toward the end of the period, particularly on the sharp selloff in the 14:15–14:30 ET window.
• A large bearish engulfing pattern formed near $7.45, signaling a shift in sentiment from bullish to bearish on the intraday chart.

At 12:00 ET on October 23, 2025, Euler/USDC (EULUSDC) opened at $7.527 and fell to a 24-hour low of $7.176 before closing at $7.368. The 15-minute OHLCV data revealed a sharp selloff after 14:15 ET, with price dropping from $7.258 to $7.176 in a single candle. Total volume over the 24-hour window was 60,852.22, while notional turnover reached $457,117.71.

Structure & Formations

The 15-minute candlestick chart displayed a strong bearish bias, with a large engulfing candle forming around $7.45 and a doji near $7.53 signaling indecision. Key resistance levels were identified at $7.53 and $7.61, while the $7.36–$7.38 zone acted as a short-term floor. The price action suggests that buyers are struggling to defend above $7.50, with sellers gaining control below that level.

Moving Averages

On the 15-minute chart, the 20-period and 50-period moving averages were both bearishly aligned, with the 20 MA at $7.54 and the 50 MA at $7.57. Price closed below both lines, indicating continued downward pressure. On the daily chart, the 50-period MA at $7.65, the 100-period at $7.69, and the 200-period at $7.74 all appear to serve as overhead resistance. The price is trading below all of them, reinforcing the bearish bias.

MACD & RSI

The RSI on the 15-minute chart dipped into oversold territory at $7.176 but failed to bounce, suggesting weak conviction in the short term. The MACD remained bearish, with both the line and signal below zero. Divergence between RSI and price was not observed, but the failure to rebound from oversold levels increases the risk of further declines.

Bollinger Bands

Bollinger Bands showed a sharp expansion after 14:15 ET as volatility spiked during the sell-off. Price moved well below the 20-period lower band, confirming the oversold condition. The bands are now widening, suggesting that volatility may remain elevated in the near term.

Volume & Turnover

Volume increased significantly during the selloff, particularly in the 14:15–14:30 ET window, where it hit 4,576.55 and notional turnover reached $32,560. The increased volume during the decline confirms bearish conviction, while the lack of buying volume on the bounce from $7.176 to $7.21 suggests weak demand.

Fibonacci Retracements

Applying Fibonacci retracements to the recent swing from $7.719 to $7.176, key levels include $7.36 (61.8%) and $7.46 (50%), which are now likely to be tested. If the price continues to decline, the next major support would be at $7.25 (38.2%).

Backtest Hypothesis

Given the current technical setup, a potential backtesting strategy could be based on the RSI reaching oversold levels and triggering long entries. Using a 14-period RSI on the 15-minute chart, a long signal would be generated when the RSI falls below 30 and then closes above it. A 3-day exit rule could help capture rebounds from oversold conditions. However, the recent failure of price to rebound from $7.176 despite RSI hitting oversold levels raises concerns about the effectiveness of such a strategy in the near term. A more robust approach might involve combining RSI with volume confirmation and Fibonacci levels to filter high-probability trades.

Looking ahead, Euler/USDC appears to be in a bearish phase with key support at $7.36–$7.38. A break below this range could accelerate the decline toward $7.25. However, traders should remain cautious of potential short-covering rallies if the price stabilizes around these levels. The market remains volatile, and sudden moves in either direction are possible.