Market Overview: Ethereum/Argentine Peso (ETHARS) on 2025-09-17

• ETHARS traded in a 24-hour range of 6,567,808 to 6,740,537, closing near the upper band.
• Momentum oscillated between bullish and bearish, with RSI hovering near neutral mid-range levels.
• Volume was subdued most of the day, with a sharp increase late in the session.
• A bullish breakout attempt occurred before 03:00 ET, followed by consolidation.
• Bollinger Bands widened during the breakout, indicating rising volatility.

Ethereum/Argentine Peso (ETHARS) opened at 6,580,249 at 12:00 ET−1 and closed at 6,655,673 at 12:00 ET, reaching a high of 6,740,537 and a low of 6,567,808. Total volume was 2.61436 ETH, with notional turnover of 1,738,470,000 ARS over the 24-hour window.

Structure & Formations

ETHARS formed a key support at 6,652,216–6,652,558 during consolidation periods and tested a resistance level near 6,683,207 multiple times. A large bullish engulfing pattern appeared around 02:45 ET, indicating potential reversal. A bearish harami near 03:30 ET followed, signaling indecision. A strong breakout occurred just before 03:00 ET from a consolidation range between 6,652,216 and 6,683,207, but momentum failed to sustain the move.

Moving Averages

On the 15-minute chart, ETHARS closed above both the 20 and 50-period moving averages, suggesting bullish bias for shorter-term traders. On the daily chart, the 50-period MA acted as dynamic support during the late consolidation phase. The 200-period MA remains significantly below the 50-period, indicating a medium-term bullish trend in place.

MACD & RSI

The MACD crossed into positive territory after the 02:45 ET bullish engulfing candle, confirming short-term bullish momentum. The RSI, however, remained in mid-range territory (50–60), suggesting lack of strong conviction. While the RSI edged into overbought territory briefly after 02:45 ET, it quickly retreated, hinting at a potential false breakout or consolidation.

Bollinger Bands

Bollinger Bands expanded significantly during the breakout attempt and remained wide during much of the session, signaling higher volatility. Price traded within the upper band for several hours before retreating toward the mid-band for most of the day. The narrowing of bands near the close suggested potential for a new directional move in the next 24 hours.

Volume & Turnover

Volume remained low in the first half of the day but spiked sharply after 02:45 ET, coinciding with the bullish engulfing pattern. Notional turnover rose alongside volume, confirming the breakout’s legitimacy. Divergence occurred between price and volume after 04:00 ET, as volume declined while price continued to trade around 6,683,207, suggesting weakening momentum.

Fibonacci Retracements

The recent 6,567,808 to 6,740,537 swing saw ETHARS retest the 61.8% retracement level at 6,642,655 and the 50% level at 6,654,170. A successful close above 6,683,207 could see a target at the 38.2% level of 6,712,044, while a breakdown below 6,652,216 could lead to a retest of the 61.8% level at 6,618,809.

Backtest Hypothesis

A potential backtesting strategy for ETHARS could involve entering long positions on a bullish engulfing pattern confirmation (closing above the high of the engulfing candle) after a consolidation period, with a stop loss just below the pattern’s support. Targets could be set at key Fibonacci retracement levels or recent resistance. Given today’s pattern, such a strategy would have triggered a long signal around 02:45 ET, with a target at 6,712,044 and a stop loss around 6,642,655. The volume confirmation and MACD crossover support the validity of the pattern, making it a promising short-term setup for further testing.