Market Overview for Ethereum/Argentine Peso (ETHARS) on 2025-10-09

• ETHARS opened at 6,884,688 and closed at 6,582,420 after a volatile 24-hour session.
• Price dropped significantly from a high of 7,029,329 to a low of 6,522,875, indicating bearish momentum.
• The RSI approached oversold territory, suggesting possible short-term reversal.
• Volatility increased during the late hours, with large range candles forming.
• Total volume was 9.63, but turnover dropped in the final hours, indicating waning interest.

The Ethereum/Argentine Peso pair (ETHARS) opened at 6,884,688 on October 8 at 12:00 ET and closed at 6,582,420 at the same time the following day. The 24-hour range was between a high of 7,029,329 and a low of 6,522,875. Total traded volume was 9.63, and notional turnover remained relatively stable despite the wide price swings. The session featured multiple large-range bearish candles and a notable breakdown near the close.

Structure & Formations

Price action showed a clear bearish bias, with ETHARS falling below key psychological levels after testing multiple resistance zones. A large bearish engulfing candle formed around 14:30 ET when the price dropped from 6,723,350 to 6,592,651. A doji formed at the bottom of the session around 15:45 ET, suggesting short-term indecision. The low at 6,522,875 appears to be a new short-term support level, though it has yet to hold multiple times.

Moving Averages

On the 15-minute chart, the 20-period and 50-period moving averages both sloped downward throughout the session, with the price closing below both. The 50-period SMA provided a short-term resistance level around 6,650,000. On the daily chart, the 50-period and 200-period moving averages are trending lower, reinforcing the bearish bias, with ETHARS closing below both, indicating bearish momentum.

MACD & RSI

The MACD crossed below the signal line mid-session, confirming the bearish turn in momentum. The RSI dropped to 28 by the end of the session, entering oversold territory, which may signal a possible short-term bounce. However, the divergence between the bearish price action and the RSI’s oversold reading suggests the move lower may not yet be complete.

Bollinger Bands

Volatility expanded sharply in the final hours of the session as ETHARS moved from the upper to lower Bollinger bands. The price closed near the lower band, indicating a potential short-term bottoming process. A sustained break above the middle band would be a positive sign, but the current position near the lower band supports the bearish thesis.

Volume & Turnover

Volume was relatively low throughout most of the session, with the notable exception of the final hours when a spike in volume occurred during the breakdown to 6,522,875. This volume confirmed the bearish move. Turnover remained steady but declined in the last two hours, indicating reduced buying interest. Divergence between volume and price may suggest a possible reversal point.

Fibonacci Retracements

Applying Fibonacci retracements to the 7,029,329 high and 6,522,875 low, the 38.2% level is at ~6,700,000, which has acted as resistance multiple times. The 61.8% level is near 6,650,000, currently offering support. If ETHARS breaks below 6,522,875, the next Fibonacci extension targets could be 6,480,000 and 6,450,000, both of which appear vulnerable.

Backtest Hypothesis

A potential backtesting strategy for this pair could involve a short-bias setup using the 20-period and 50-period moving averages as dynamic support levels. A sell signal could be triggered when price closes below the 50-period SMA after a breakdown candle (such as the large bearish engulfing pattern observed at 14:30 ET). The RSI entering oversold territory could be used as a filter to avoid false signals. A stop-loss could be placed at the nearest Fibonacci resistance level (e.g., 6,650,000) and a take-profit at 6,500,000 or lower. This approach aligns with the bearish technical setup and could be tested over multiple sessions to assess consistency.