Ethereum/Dai (ETHDAI) 24-Hour Market Overview

Summary
• Ethereum/Dai surged to a 24-hour high of 3,554.55 before consolidating near 3,530.
• Volume spiked during the late morning, while RSI approached overbought territory.
• Bollinger Bands indicate widening volatility, with price testing the upper band.
• A bullish breakout from a morning consolidation pattern suggests higher momentum.

Market Overview

Ethereum/Dai (ETHDAI) opened at 3,399.88 on 12:00 ET-1 and rose sharply to reach a 24-hour high of 3,554.55 before consolidating near 3,530 at 12:00 ET. The price closed at 3,530. Total volume was 100.61, and notional turnover amounted to 353,647.31. The asset appears to have gathered bullish momentum following a key breakout from a morning consolidation range.

Structure & Formations

The ETHDAI 15-minute chart showed a bullish breakout from a morning consolidation pattern between 3,405 and 3,435, which appears to have confirmed a short-term upward bias. A key support level formed at 3,407.23, where the price bounced back several times during the early part of the day. A bearish engulfing pattern appeared at 3,397.23, but it was quickly rejected as buyers returned.

Moving Averages

The 20-period and 50-period moving averages on the 15-minute chart were both trending upward, with price above both, reinforcing the bullish bias. On the daily chart, the 50-period MA was approaching the 100-period MA from above, indicating a potential shift in medium-term momentum.

MACD & RSI

The MACD showed a positive crossover early in the morning, confirming the bullish momentum. RSI-14 reached a high of 70.3 by the midday peak, approaching overbought territory, suggesting caution for near-term pullbacks. However, the RSI did not show divergence with price during the late surge, which is a positive sign for continuation.

Bollinger Bands

Bollinger Bands were expanding throughout the session, indicating rising volatility. Price tested the upper band at 3,554.55 and briefly held it before pulling back. This suggests that the move to the high was strong enough to push through the upper limit of the band, which often precedes a continuation or correction phase.

Volume & Turnover

Volume and turnover spiked during the late morning and early afternoon as the price surged toward its 24-hour high. Notional turnover increased significantly between 04:00 and 06:00 ET, coinciding with the sharp upward move. There was no significant divergence between price and volume, suggesting the bullish move was well supported by buying interest.

Fibonacci Retracements

On the 15-minute chart, the recent upward move from 3,380.27 to 3,554.55 found resistance at the 61.8% Fibonacci retracement level (3,530.64), which the price touched but not yet broken through. This level appears to be acting as a short-term cap, and a sustained move above it could signal a continuation of the bullish trend.

Backtest Hypothesis

Given that the RSI-14 data for ETHDAI could not be retrieved, a viable strategy would be to use Ethereum/USD (ETHUSD) as a proxy for the pair, since DAI is a stablecoin pegged to the U.S. dollar. Alternatively, one could use the ETHDAI data file provided and calculate the RSI-14 locally for backtesting. This would allow for a more accurate historical model to validate signals such as overbought/oversold levels and divergence from price action. The next step would involve aligning the RSI data with the MACD and volume to refine a trend-following or mean-reversion strategy.