Ethereum/Eurite Market Overview

Summary
• Price surged from $2849.32 to $3010.71 before retracing to $2946.0 at 12:00 ET.
• Strong bullish momentum flagged by MACD and RSI divergence with price.
• Key resistance at $2995.66 and support at $2968.78 identified.
• High volatility observed with Bollinger Band expansion and volume peaks.

Ethereum/Eurite (ETHEURI) opened at $2857.78 on 2025-11-07 at 12:00 ET and surged to a 24-hour high of $3010.71 before retracing to a closing price of $2946.0 at 12:00 ET on 2025-11-08. The 24-hour volume totaled 35.3943 with a notional turnover of $103,160.53. The price action suggests aggressive buying pressure followed by profit-taking, forming a key resistance at $2995.66 and support at $2968.78.

Structure & Formations

A strong bullish engulfing pattern emerged at $2915.73–$2924.51 followed by a bearish pinbar near $3001.67, indicating indecision after a sharp rally. A doji formed at $2968.78, signaling a potential reversal. The price action is forming a descending triangle near $3010.71 and $2938.0, with a possible breakout expected in the next 24 hours.

Moving Averages

On the 15-minute chart, the price remained above both the 20- and 50-period moving averages for the majority of the 24-hour period, suggesting continued bullish momentum. On the daily chart, the 50-day and 100-day moving averages intersected near $2960, while the 200-day average held firm around $2938, indicating a potential consolidation phase ahead.

MACD & RSI

The MACD crossed above the signal line at $2915.73 and remained bullish into the $2995.66 area. However, RSI reached overbought levels above 70 at $3010.71, indicating a high risk of correction. The divergence between RSI and price action near $3001.67 suggests a weakening bullish momentum that could lead to a pullback.

Bollinger Bands

Volatility expanded significantly during the late evening surge, pushing the price to the upper Bollinger Band at $3010.71. The band contraction occurred earlier at $2946.0, signaling a potential reversal or continuation. The price appears to be consolidating at the lower band at $2946.0, which may indicate a short-term support level.

Volume & Turnover

Volume spiked during the early evening rally, peaking at 1.5911 when the price surged from $2981.3 to $3001.67. However, volume during the correction to $2946.0 was significantly lower, suggesting weak bearish conviction. Notional turnover reached a 24-hour high of $4,532.33 during the $2915.73–$2995.66 rally, confirming the strength of the bullish move.

Fibonacci Retracements

The recent swing high of $3010.71 and swing low of $2938.0 align with key Fibonacci levels. The 38.2% retracement at $2980.7 and 61.8% at $2959.72 appear to be acting as dynamic support and resistance levels. If the price breaks below $2946.0, the next key Fibonacci level at $2932.0 could become relevant.

Backtest Hypothesis

The ETHEURI price action exhibits classic divergence patterns where RSI and MACD fail to confirm the bullish momentum. A backtesting strategy could leverage the MACD golden cross (faster line above the slower line) combined with RSI below 30 as entry signals. Testing this setup from 2022–01–01 to 2025–11–08 would help validate its efficacy in Ethereum/Eurite trading. Given the recent divergence, this could be a high-probability signal for a potential short-term reversal or correction.