Ethereum/Eurite Market Overview

Summary
• Ethereum/Eurite opened at $2834.49 and reached a 24-hour high of $2919.00.
• Price closed at $2915.73 amid moderate volatility and mixed momentum.
• Key support around $2850–2860 and resistance at $2900–2910 appear active.

Market Overview

Ethereum/Eurite (ETHEURI) opened on 2025-11-06 at $2834.49 and reached a 24-hour high of $2919.00 before closing at $2915.73. The total traded volume was approximately 55.75 units, and with the average price of $2875.00, notional turnover came to around $159,865. Price action displayed consolidation during the latter half of the session, with key pivots forming around $2900 and $2850.

Structure & Formations

The 15-minute chart reveals several notable patterns. A bullish engulfing pattern formed at $2869.37–2889.82 around 19:00–19:15 ET-1, followed by a bearish divergence at $2889.82–2878.01 by 19:30–19:45, suggesting short-term indecision. The market found support at $2850–2860 and resistance around $2900–2910, with the latter level being tested and held at the close.

Bollinger Bands

Volatility expanded in the early evening hours, with price frequently bouncing off the upper and lower Bollinger bands. A contraction occurred in the early morning hours, indicating a possible shift to a consolidation phase. Price remained within the bands throughout the 24-hour period, suggesting a relatively stable environment without a breakout.

MACD & RSI

The MACD line moved into positive territory during the afternoon, reflecting growing bullish momentum, but this was followed by a flattening trend in the late evening. The RSI climbed above 55 during the afternoon, reaching a peak near 65, but has since declined, indicating that the market may not be overbought yet but lacks strong upward momentum.

Moving Averages

On the 15-minute chart, the 20-period and 50-period moving averages crossed into a bullish alignment around 19:00–20:00 ET-1. Price held above both lines through the evening, but the 50-period MA began to flatten by the early morning, suggesting a potential slowdown in upward bias. On the daily chart, the 50-period MA is below the 200-period MA, indicating a longer-term bearish trend.

Volume & Turnover

Volume spiked during the afternoon and early evening hours, peaking at $2918.65–2919.00. Notional turnover followed a similar pattern, with a notable divergence observed between $2880.89–2883.78 where price moved lower but volume remained elevated, hinting at possible accumulation or distribution.

Fibonacci Retracements

Applying Fibonacci levels to the key swing from $2832.96 to $2919.00, price closed near the 61.8% retracement level at approximately $2895.00, suggesting potential near-term resistance. A retest of the 38.2% retracement at $2870.00 could indicate a short-term pivot for further movement.

Backtest Hypothesis

Given the observed volatility and key support/resistance levels, a potential backtesting strategy could involve entering long positions on a break above $2900 with a stop-loss at $2870 and targeting $2920–2930. Alternatively, short positions could be considered on a break below $2860, with a stop at $2880. This approach would focus on trend continuation and Fibonacci pivot levels, using volume and RSI as confirmation tools.