ETHJPY Surges Past 325,000 But Bearish Engulfing Signals Unease

Summary
• ETHJPY broke key resistance around 325,000 but faced profit-taking at 330,000–335,000.
• Volume and turnover surged during the rally, confirming bullish momentum.
• Evening pullback below 320,000 saw bearish engulfing patterns, hinting at near-term uncertainty.
• MACD diverged slightly during the late-night decline, suggesting weakening bullish momentum.
• Volatility expanded during the 5:30–6:30 ET window as Bollinger Bands widened.

Ethereum/Yen (ETHJPY) opened at 320,055 on 2026-02-06 at 12:00 ET, reached a high of 334,028, a low of 314,015, and closed at 316,519 on 2026-02-07 at 12:00 ET. The 24-hour volume was 6,447.35 ETH, with a notional turnover of ¥2,146,261,343.

Structure and Candlestick Patterns

ETHJPY surged past 325,000 and 330,000, reaching a 24-hour peak at 334,028 before reversing sharply in the early hours of February 7. A bearish engulfing pattern emerged at 320,000 during the pullback, signaling potential bearish pressure. A doji formed around 317,000 during the morning session, hinting at indecision as buyers and sellers balanced.

Moving Averages and Momentum

On the 5-minute chart, price outperformed the 20- and 50-period SMAs during the upward wave, confirming short-term bullish momentum. However, the MACD histogram weakened in the early morning, diverging from price during the sell-off. The RSI reached 65 during the peak but dropped to ~45 in the late hours, suggesting a shift in sentiment toward caution.

Volatility and Bollinger Bands

Volatility expanded sharply as the pair broke 325,000 and 330,000, with Bollinger Bands widening during the 5:30–6:30 ET window. Price briefly closed above the upper band before retreating back into the channel. A contraction in the bands occurred during the overnight consolidation phase, suggesting the potential for a breakout or breakdown in the near term.

Volume and Turnover Analysis

Volume and turnover spiked during the 4:15–5:30 ET window as ETHJPY moved from 328,000 to 334,028, reinforcing the strength of the rally. However, during the pullback from 330,000 to 314,015, volume increased only moderately, indicating weak follow-through from short-term sellers. This divergence suggests the bearish move may not be fully confirmed.

Fibonacci Retracements

On the 5-minute chart, ETHJPY retraced to the 61.8% Fibonacci level of the 320,000–334,028 move at ~326,000 before retreating further. On the daily chart, the 61.8% retracement level of the recent bearish swing (334,028–314,015) is near 325,000, a critical support level that may be tested in the next 24 hours.

Looking ahead, ETHJPY could test the 325,000–330,000 corridor for support and resistance. A sustained break above 330,000 may trigger renewed bullish momentum, while a close below 315,000 could accelerate the bearish trend. Investors should remain cautious as volatility remains elevated and divergence in momentum indicators hints at potential reversals.