ETHARS Market Overview – 24-Hour ETH/ARS Technical Breakdown

Summary
• ETHARS surged to a 24-hour peak of 5,233,989 ARS before retreating toward 5,061,884 ARS.
• Price action suggests a consolidation phase around 5,136,577 ARS, with potential for a breakout.
• Volume spiked at key turning points, but turnover remains low amid flat price ranges.

Ethereum/Argentine Peso (ETHARS) opened at 5,062,656 ARS on 2025-11-05 at 12:00 ET and closed at 5,136,577 ARS on 2025-11-06 at 12:00 ET. The pair reached a high of 5,233,989 ARS and a low of 5,061,884 ARS during the period, with a total volume of 5.65974 ETH and a notional turnover of approximately 29.36 million ARS. Price appears to be testing a key 5,136,577 ARS level amid choppy 15-minute candle action.

Structure & Formations

Price formed a bullish breakout from 5,136,577 ARS early in the session, followed by a rapid retest and consolidation. A bearish harami pattern emerged during the 19:45–20:15 ET period, followed by a long lower shadow candle, suggesting short-covering behavior. A key support level appears to be forming near the 5,061,884–5,076,114 ARS range, with 5,062,657 ARS acting as a strong psychological floor.

Moving Averages

On the 15-minute chart, the 20-period and 50-period moving averages crossed over at 5,146,342 ARS around 18:15 ET, signaling a potential short-term bullish bias. The 50-period MA has since held above the 5,136,577 ARS level, suggesting a possible continuation of upward momentum if price holds above this level.

MACD & RSI

The 15-minute MACD crossed into positive territory around 19:45 ET, aligning with the breakout. RSI oscillated between overbought and neutral levels, peaking near 69 before dropping to 55, indicating a pullback rather than exhaustion. Momentum appears to be stabilizing, which may suggest traders are accumulating ahead of a potential break.

Bollinger Bands

Price remained within the 15-minute Bollinger Bands for most of the session, expanding during the 19:30–20:15 ET period. A contraction in volatility is now forming near 5,136,577 ARS, which historically precedes a breakout or breakdown.

Volume & Turnover

Volume spiked during the 19:30–20:30 ET window as price moved between 5,196,283 ARS and 5,197,408 ARS, followed by a sharp decline in turnover as price stabilized. A divergence between rising price and falling turnover suggests that buyers may be exhausting ahead of a reversal.

Fibonacci Retracements

Recent 15-minute swings show price retracing to the 61.8% Fibonacci level at 5,136,577 ARS following the 5,233,989 ARS high. This level appears to be a critical pivot point, with the 38.2% retracement at 5,167,704 ARS offering a possible near-term resistance.

The current ETHARS structure indicates a potential short-term bullish setup, provided price maintains above 5,136,577 ARS. A break below 5,061,884 ARS would likely trigger a deeper retest of 5,062,657 ARS. Momentum indicators suggest that traders may be preparing for a directional move, and volatility remains moderate, which could support a continuation pattern in the near term.

Traders should closely watch the 5,136,577 ARS level as a pivot point, with support below at 5,062,657 ARS and resistance above at 5,146,342 ARS. A bullish breakout may be confirmed with a close above 5,167,704 ARS, but a failure to hold above 5,136,577 ARS could signal a deeper retracement. The volume profile hints at potential order flow exhaustion, so caution may be warranted ahead of a break.

Backtest Hypothesis

A potential backtest could examine the effectiveness of a Bullish Engulfing candle pattern on the 15-minute ETHARS chart as a short-term entry trigger. A bullish engulfing pattern was observed at 08:15–08:30 ET, with a large bearish candle followed by a larger bullish candle that fully consumed the prior body. Holding for one day from the close of the engulfing candle may provide insight into its profitability. If the backtest includes this formation, a 1-day hold would align with the close of the 12:00 ET bar. This could be used to determine whether such patterns generate consistent returns in volatile crypto pairs like ETHARS. The hypothesis could be tested from 2022-01-01 to 2025-11-06 to assess its viability across different market conditions.