Market Overview for Ethereum/Argentine Peso (ETHARS)

• ETHARS traded in a volatile 24-hour range, opening at $6,700,000 and closing near $6,871,521.
• A sharp bullish reversal formed between 17:45 and 18:30 ET, followed by a consolidation phase.
• Volume surged during the 19:30–20:30 ET rally, with over 0.3 ETH traded at peak.
• RSI hit overbought levels near 70 after the 23:15 ET rally.
• The 20-period MA crossed below the 50-period MA in early ET hours, signaling a bearish bias.

Ethereum/Argentine Peso (ETHARS) opened at $6,700,000 on 2025-09-17 at 12:00 ET and closed at $6,871,521 on 2025-09-18 at 12:00 ET. The 24-hour period saw a high of $7,072,899 and a low of $6,631,705. Total volume was approximately 12.77 ETH, with a turnover of ~$892 million (calculated as price × volume). The pair exhibited a volatile but generally bullish bias, driven by key volume spikes and bullish momentum.

Structure & Formations

ETHARS showed notable bullish and bearish formations across the 24-hour period. A key bearish reversal pattern emerged at $6,631,705 (18:00–18:30 ET), which acted as a short-term support before a rally resumed. A bullish engulfing pattern occurred between 19:30 and 20:30 ET, confirming a reversal from a prior bearish trend. The price also formed a key resistance level near $6,900,000, which was tested multiple times. The most recent high of $7,072,899 at 23:15 ET appears to be a temporary overbought level, which may not hold without strong volume confirmation.

Moving Averages

On the 15-minute chart, the 20-period MA crossed below the 50-period MA in the early part of the session, suggesting bearish momentum. However, after 19:30 ET, the 20-period MA crossed back above the 50-period MA, indicating a possible short-term bullish trend. On the daily chart, the price has been trading above the 50-period and 100-period MAs but below the 200-period MA, suggesting a mixed bias with long-term bearish implications.

MACD & RSI

The MACD showed positive divergence between 19:30 and 20:45 ET, confirming the bullish momentum. RSI reached an overbought level of ~70 during the 23:15 ET rally, suggesting a potential near-term pullback. RSI subsequently corrected to around 58 by the close of the 24-hour period, indicating some consolidation and easing of overbought conditions. A bearish MACD crossover occurred at the beginning of the session, but it was quickly negated by a rapid bullish crossover, emphasizing the volatile nature of the pair.

Bollinger Bands

Volatility expanded significantly during the rally from $6,631,705 to $7,072,899, with the Bollinger Bands widening to reflect this. The price traded near the upper band during the 23:15 ET high, signaling potential overbought conditions. However, the price closed near the middle band, indicating some mean reversion. A contraction in Bollinger Band width occurred during the 04:00–06:00 ET period, suggesting a period of consolidation before the next move.

Volume & Turnover

Volume was particularly strong during the 19:30–20:30 ET rally, with over 0.3 ETH traded. Turnover also surged during this period, confirming the bullish price action. In contrast, during the bearish leg between 18:00 and 18:30 ET, volume was relatively low despite the significant price drop, which could indicate a lack of conviction in the move lower. The final 4–6 hours showed a steady but not excessive increase in volume, supporting the consolidation phase.

Fibonacci Retracements

The most recent swing from the low of $6,631,705 to the high of $7,072,899 saw ETHARS retrace to the 61.8% level (~$6,896,000) and the 78.6% level (~$6,960,000), both of which acted as temporary resistance. The 50% retracement at ~$6,850,000 was also a key level that was tested but not broken. On the daily chart, the 61.8% level from the previous month’s bearish leg is at ~$6,800,000, which could become a critical support level in the next 24 hours if a pullback occurs.

Backtest Hypothesis

A potential backtesting strategy for ETHARS involves using a moving average crossover system on the 15-minute chart, combined with RSI divergence for confirmation. A buy signal would be triggered when the 20-period MA crosses above the 50-period MA, and the RSI shows bullish divergence (i.e., price makes a lower low while RSI makes a higher low). A sell signal would be triggered on a bearish crossover with bearish RSI divergence. Stop-loss levels could be placed at the most recent swing low, while take-profit levels could target the 38.2% to 61.8% Fibonacci retracement levels. This strategy could capture both the 19:30–20:30 ET rally and the 23:15 ET move, while minimizing exposure to consolidation or false breakouts. Given the recent volatility and volume spikes, this strategy may perform well in the next 24 hours if the bullish momentum continues.