Market Overview for Ethereum/Argentine Peso (ETHARS) – 2025-09-16

• Ethereum/Argentine Peso (ETHARS) traded in a volatile range of 6,551,831 to 6,793,560 ARGPs over 24 hours.
• Price closed marginally lower at 6,703,919 ARGPs, down from a 12:00 ET open of 6,683,207 ARGPs.
• Volume was concentrated in sharp rallies, particularly from 19:15 to 22:30 ET, with a peak of ~1.13 turnover at 6,787,414 ARGPs.
• MACD and RSI suggested a mixed momentum profile with overbought conditions followed by a sharp reversal.
• Bollinger Bands reflected high volatility with price frequently touching or crossing outer bands during key moves.

At 12:00 ET on 2025-09-16, Ethereum/Argentine Peso (ETHARS) opened at 6,683,207 ARGPs, reaching a high of 6,793,560 ARGPs and a low of 6,551,831 ARGPs, before closing at 6,703,919 ARGPs. Total volume for the 24-hour period was 4.23 ETH, with turnover of approximately 163,000,000,000 ARGPs.

Structure & Formations

The candlestick structure over the last 24 hours displayed a dynamic interplay between bearish and bullish momentum. A strong bearish reversal was observed at 19:15 ET when a large bearish candle gapped down from 6,703,919 to close at 6,776,920, followed by a sharp drop to 6,755,950 by 22:30 ET. A notable bullish engulfing pattern emerged later at 05:15 ET, where price broke out above a key resistance level of 6,755,982, closing at 6,781,243 ARGPs. This pattern suggested a potential short-term reversal. A doji at 09:45 ET near 6,764,205 ARGPs hinted at indecision.

Moving Averages

Short-term moving averages (20/50-period 15-minute) showed price crossing above the 50-period line during the bullish breakout at 05:15 ET, reinforcing the move. However, by 10:45 ET, price dipped below the 50-period line again, suggesting weakening momentum. Longer-term (50/100/200-period daily) averages were not explicitly visible in the data, but the repeated bounce off the 6,700,000 level suggests it may act as a psychological and technical support.

MACD & RSI

The MACD line surged into positive territory during the 05:15 ET bullish breakout, confirming the strength of the move. However, it quickly diverged from price as the RSI moved into overbought territory (75+) and then sharply declined, indicating exhaustion and a potential pullback. By 15:15 ET, RSI dropped below 30, entering oversold territory, while MACD turned negative, signaling a bearish shift. The RSI divergence from the MACD suggested mixed momentum, with bears gaining control in the latter half of the 24-hour period.

Bollinger Bands

Bollinger Bands showed significant volatility, particularly during the 19:15–22:30 ET period, with price frequently touching or crossing the outer bands. A notable contraction occurred around 01:30–04:00 ET, signaling a potential consolidation phase. Price eventually broke out above the upper band at 05:15 ET, but the subsequent pullback saw it test the lower band multiple times, indicating increased bearish pressure.

Volume & Turnover

Volume activity was unevenly distributed, with sharp spikes during key price moves. The largest volume spike occurred at 19:15 ET with 1.13 ETH traded, accompanied by a large notional turnover. Later, at 05:15 ET, volume was relatively modest (0.14792 ETH) but the price move was strong, suggesting strong conviction. By 15:15 ET, volume surged again (0.83286 ETH) during a sharp sell-off, confirming bearish momentum. A divergence between volume and price was seen in the morning hours, with low volume during a strong bullish move, which may suggest a weaker breakout.

Fibonacci Retracements

Applying Fibonacci retracement levels to the 19:15–05:15 ET swing (6,703,919 to 6,781,243), the 61.8% level at 6,755,982 ARGPs was a key area where price showed indecision and consolidation. This level was tested multiple times in the following hours and may serve as a key inflection point. The 38.2% level at 6,768,000 ARGPs also acted as a short-term resistance before price continued the downward drift.

Backtest Hypothesis

A backtesting strategy that leverages the 50-period moving average on the 15-minute chart could be promising for ETHARS, given the recent behavior. Specifically, a long entry could be triggered when price crosses above the 50-period MA, particularly during periods of Bollinger Band contraction, and exits when the RSI enters overbought territory or when the MACD line turns negative. During the 05:15 ET move, such a strategy would have captured the short-term bullish breakout. Conversely, a short position could be initiated when price crosses below the 50-period MA and volume surges, as seen at 19:15 and 15:15 ET. The repeated rejection at the 6,700,000 level further supports the use of fixed support/resistance-based entries. This strategy appears well-suited to the ETHARS market due to its high volatility and frequent trend reversals.