Ethereum/Argentine Peso Market Overview

• ETHARS posted a 24-hour high of 6,584,553 and a low of 6,124,084.
• Price closed lower at 6,124,084, down from the prior day's 6,582,420 open.
• Volatility increased with a 15-minute range widening late in the session.
• RSI approached oversold territory, suggesting potential near-term reversal.
• Total volume was 7.08, while turnover hit 64,491,670,000.

Ethereum/Argentine Peso (ETHARS) opened at 6,582,420 on 2025-10-09 at 12:00 ET and closed at 6,124,084 one day later. The pair traded as high as 6,584,553 and as low as 6,124,084 within the 24-hour period. Total traded volume was 7.08, and notional turnover reached 64,491,670,000. The price action reflected a bearish bias with late-day volatility.

Structure & Formations

The ETHARS pair experienced a sharp decline late in the session, forming multiple bearish candlestick patterns such as a hanging man and a long lower shadow. These suggest exhaustion in the bullish side and a potential reversal. Key support levels emerged at 6,380,592 and 6,124,084, with resistance seen near 6,500,000 and 6,582,420. A doji formed around 6,400,000, indicating indecision and a potential pivot point for the next 24 hours.

Moving Averages

On the 15-minute chart, the 20-period and 50-period moving averages showed a bearish crossover, confirming the downward bias. The daily chart indicated that the 50-period and 100-period moving averages were trending lower, while the 200-period line acted as a long-term resistance. This alignment of moving averages supports the continuation of the bearish trend.

MACD & RSI

The MACD line crossed below the signal line, reinforcing the bearish momentum. RSI values dropped below 30, indicating oversold conditions and suggesting the price may experience a short-term bounce. However, the RSI’s slow recovery may signal a lack of bullish conviction, keeping the bearish scenario intact for now.

Bollinger Bands

Volatility expanded late in the session, pushing ETHARS to the lower band of the Bollinger Bands. This suggests a potential rebound off the 6,124,084 level, although the width of the bands indicates increased uncertainty. If the price remains near the lower band, it may continue to trend downward unless a bullish reversal is confirmed.

Volume & Turnover

Volume increased significantly as the price approached the 6,124,084 level, indicating stronger selling pressure. Turnover also spiked during this period, aligning with the volume increase and confirming the bearish move. However, a divergence between volume and price during the late 15-minute candles suggests some caution, as buyers may be entering the market.

Fibonacci Retracements

Fibonacci levels were applied to the recent 15-minute swing from 6,582,420 to 6,124,084, identifying key retracement levels at 6,470,000 (38.2%) and 6,430,000 (61.8%). The price found temporary support near these levels before breaking down again. On the daily chart, the 61.8% retracement of a prior bullish move is likely to be a critical resistance level.

Backtest Hypothesis

The backtesting strategy described involves entering a short position on ETHARS when the RSI dips below 30 and the MACD line crosses below the signal line, with a stop-loss placed at the nearest Fibonacci resistance. This setup was observed in the final 30 minutes of the session, as RSI neared 30 and MACD confirmed bearish momentum. The strategy may have yielded a successful short trade if executed at 6,204,347, targeting the 6,124,084 level. However, given the divergence in volume and price, this strategy should be used with caution and supplemented with additional confirmation signals.