Wrapped Beacon ETH/Ethereum Market Overview

• WBETHETH traded in a tight 0.0005 range (1.0809–1.0816), with minimal 0.0003 net change.
• Low volatility persisted, with RSI near midline and MACD flattening, suggesting consolidation.
• Daily Bollinger Bands showed little expansion, reinforcing the lack of directional bias.
• Volume dipped below 0.5 on most 15-min intervals, reflecting subdued trader activity.
• A 1.0811 pivot level held as key support/resistance, with no breakouts observed.

Wrapped Beacon ETH/Ethereum (WBETHETH) opened at 1.0811 on 2025-11-01 12:00 ET, reaching a high of 1.0816 and a low of 1.0809 before closing at 1.0811 on 2025-11-02 12:00 ET. Total volume for the 24-hour period was 3,834.92, and notional turnover was $4,148.06. The asset remained range-bound, with little deviation from the 1.0811 pivot level.

Structure and formations suggest a consolidation phase, with no strong candlestick patterns emerging. A neutral doji formed around 1.0812, and a few small bullish and bearish engulfing patterns were observed, but none showed decisive direction. Key levels at 1.0809, 1.0811, and 1.0816 acted as local support and resistance.

The 20- and 50-period moving averages on the 15-minute chart were closely aligned, reinforcing a flat trend. Short-term momentum indicators like MACD showed a neutral, converging profile with no clear divergence. RSI-14 remained within the 50–55 range, avoiding overbought or oversold territory. Bollinger Bands showed low volatility, with price hovering near the middle band most of the period.

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Volume distribution was irregular, with sharp spikes around 20:00 and 05:45 ET, coinciding with price attempts to break out of the 1.0811 range. Notional turnover spiked to $790.90 during the 05:45 ET candle as price reached a high of 1.0821. However, volume quickly receded afterward, failing to confirm the move. Divergence between price and volume suggests weak conviction in any direction.

Fibonacci retracements aligned with the 1.0811 pivot level and showed key retracements at 1.0809 (38.2%) and 1.0813 (61.8%). Price remained pinned near the 50% level, with no clear move toward either support or resistance. The tight range implies an equilibrium between buying and selling pressure.

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Backtest Hypothesis

The backtest strategy outlined requires RSI-14 data, but the provided ticker “HOLD.P” is not recognized by the data source. This likely indicates a typo or outdated ticker. For the purpose of a meaningful backtest on WBETHETH, a valid alternative may be necessary. If the data source does not support the ticker, a correlated Ethereum derivative or a synthetic ETH proxy could be used instead. Additionally, if high-quality historical price data is available in a standard format (e.g., CSV), it can be processed to calculate RSI-14 directly. This will allow for a precise 3-day holding-period backtest to assess the effectiveness of the strategy in this low-volatility environment.