ETHPLN Market Overview: Volatile 24-Hour Move with Divergences and Key Retracement Levels

Summary
• ETHPLN traded in a 24-hour range of 11368.0–12348.0, closing at 12206.0.
• Total volume reached 12.9243, with turnover peaking during late-night dips.
• Divergences between price and volume suggest weakening momentum.

Ethereum/Zloty (ETHPLN) opened at 12815.0 on 2025-11-04 at 12:00 ET and closed at 12206.0 on 2025-11-05 at 12:00 ET, with a high of 12850.0 and a low of 11368.0. Total volume for the 24-hour period amounted to 166.6492, while notional turnover remained concentrated in the late-night and early morning sessions.

The 24-hour chart displayed a bearish bias, marked by a sharp decline in the early evening and a modest rebound in the late night. Notable patterns included a bearish engulfing candle around 18:00 ET and a potential bullish harami near the close. A key support level emerged near 12200.0–12210.0, while resistance remains at 12300.0.

On the 15-minute chart, Ethereum/Zloty struggled to hold above the 20-period and 50-period moving averages during the dip into the 11368.0 level. The RSI dipped into oversold territory during this move but failed to generate a strong reversal. MACD crossed below zero during the decline and remained bearish, suggesting continued pressure may persist. Volatility expanded as Bollinger Bands widened, and price closed near the lower band, indicating exhaustion.

Fibonacci retracements on the key swing low-to-high (11368.0–12850.0) placed ETHPLN near the 61.8% level at 12125.0, suggesting potential support. However, price failed to hold above this level, hinting at possible continued pressure toward the 50% retracement at 12095.0.

Backtest Hypothesis
The backtesting strategy involves identifying bearish engulfing patterns on the daily chart and shorting at close, with exit at the close of the next session. The ETHPLN 24-hour data shows multiple potential shorting opportunities, particularly around the 18:00 ET and 20:30 ET sessions, where bearish patterns formed with strong volume. Implementing this strategy over a multi-year period, including the current data, could reveal whether these patterns consistently lead to profitable short-term trades in the Ethereum/Zloty pair.