ETHARS Market Overview: Ethereum/Argentine Peso Closes Higher Amid Late-Buying Pressure

• Ethereum/Argentine Peso (ETHARS) posted a bullish close with a strong reversal pattern late in the session.
• Volatility expanded in the final hours, with price surging above a key 15-minute resistance level.
• RSI remains in neutral territory, while MACD shows emerging bullish momentum.
• Turnover increased during the final 3 hours, but volume was unevenly distributed across the session.
• Price found support at 6,803,113 and resistance at 6,856,745 during the 24-hour period.

Ethereum/Argentine Peso (ETHARS) opened at 6,797,545 at 12:00 ET–1 and closed at 6,955,555 by 12:00 ET, with a high of 7,051,943 and a low of 6,794,502. Total volume for the 24-hour period was 1.39497 ETH, and notional turnover stood at ~$973,956 (assuming 1 ETH = $3,500). The pair closed higher as a late rally in the final 9 hours lifted price past a key resistance level after it had spent the majority of the session consolidating between 6,803,113 and 6,856,745.

The price action features several key support and resistance levels, including a strong support at 6,803,113 and a dynamic resistance at 6,856,745. A bullish engulfing pattern emerged at 6,841,299–6,885,159, followed by a sharp move to 7,051,943. A 15-minute doji at 6,973,656 marked a brief pause before the final upward push. Bollinger Bands widened in the final 5 hours, indicating rising volatility, with price closing above the upper band, suggesting continuation potential.

MACD turned positive in the last 3 hours, confirming the bullish momentum, while RSI moved from 52 to 61, staying within neutral to mildly overbought territory. The 20-period moving average crossed above the 50-period line in the final hour, signaling a short-term bullish bias. On the daily timeframe, the 50-period MA appears to be forming a support at 6,900,000. A Fibonacci retracement level at 6,856,745 acted as a key pivot point, and the price exceeded 61.8% of the 6,794,502–7,051,943 move by the close.

The surge in price is partially supported by a noticeable increase in turnover in the final 45 minutes and 90 minutes prior. A total of 0.17759 ETH transacted during the 8:15–8:45 ET period, which marked the largest single 15-minute volume spike. However, volume in the initial 2 hours of the session was relatively thin, which may suggest limited conviction early on. The divergence between price and volume at the start of the session suggests that the rally was not broadly supported at first.

Backtest Hypothesis
The backtesting strategy involves entering a long position when the 20-period moving average crosses above the 50-period moving average on the 15-minute chart, provided the RSI is below 50 and the price is above a key Fibonacci retracement level. Exit the position when the 20-period MA crosses back below the 50-period MA or when the RSI reaches 70. Given today’s move, this strategy would have triggered an entry at 6,841,858 and a target near 6,900,000. A stop-loss just below 6,803,113 would have offered reasonable risk management. This approach would have captured a significant portion of the 24-hour move with a risk-reward ratio of approximately 1:1.5.