Market Overview for Ethereum/Argentine Peso (ETHARS) – October 28, 2025

• Ethereum/Argentine Peso (ETHARS) ended the 24-hour period with a bearish close below its opening price.
• Price reached a high of 6,219,462 ARS and fell to a low of 5,985,886 ARS amid uneven volatility and thin volume.
• A Bullish Engulfing pattern formed early, but failed to confirm as the price reversed sharply lower.
• RSI signaled overbought conditions at one point, followed by a swift downward correction.
• Bollinger Bands showed a brief expansion with the high swing, followed by a contraction into consolidation.

Ethereum/Argentine Peso (ETHARS) opened at 5,994,657 ARS on October 27 at 12:00 ET and closed at 6,062,307 ARS on October 28 at the same time. The pair reached a high of 6,219,462 ARS and a low of 5,985,886 ARS over the 24-hour window. Total trading volume was approximately 5.19 ETH, with notional turnover totaling 31,936,411 ARS. Price action showed a volatile rally mid-day before consolidating and closing near the session low.

Structure & Formations

The 15-minute candlestick chart revealed a strong bullish thrust between 18:00 and 20:00 ET on October 27, with a high of 6,240,288 ARS. A Bearish Reversal pattern formed at the top of this move, as the price declined sharply in the following sessions. A key support level emerged around 6,055,000 ARS, where the price found a floor twice and bounced modestly. A potential resistance zone was observed between 6,100,000 ARS and 6,160,000 ARS, which the price struggled to break through.

Moving Averages

The 20-period and 50-period moving averages on the 15-minute chart crossed in a death cross configuration around 19:30 ET, signaling bearish momentum. On the daily chart, the 50-period MA crossed below the 100-period and 200-period MAs, reinforcing a bearish bias over the past few sessions. Price has yet to retest the 50-day MA, which currently sits near 6,145,000 ARS.

MACD & RSI

MACD turned bearish in the final hours of the 24-hour period, confirming the downward bias. RSI reached overbought territory in the early part of the rally but fell sharply below 40 by the session close, indicating potential oversold conditions. While RSI suggested a temporary pause in selling pressure, MACD failed to confirm a strong bullish signal, suggesting caution for near-term buyers.

Bollinger Bands

Bollinger Bands expanded around the 6,240,000 ARS high, signaling a volatile breakout attempt. Following the sharp correction, the bands contracted as the price consolidated between 6,055,000 ARS and 6,100,000 ARS. Price currently sits near the middle band, indicating moderate volatility and no clear breakout direction. The next test of the upper band may signal renewed bullish momentum.

Volume & Turnover

Volume spiked during the 18:00–20:00 ET rally, peaking at around 0.195 ETH for the highest hourly session. However, turnover and volume declined sharply following the peak, suggesting waning conviction in the rally. Divergences between price and volume became evident during the post-peak decline, indicating potential distribution by larger traders.

Fibonacci Retracements

Fibonacci retracement levels drawn from the 5,985,886 ARS low to the 6,240,288 ARS high showed the price consolidating near the 38.2% level at 6,104,000 ARS. A break above 6,145,000 ARS (61.8% of the rally) could trigger a short-term bullish rebound, though the bearish bias from the 20–50 EMA crossover suggests continued selling pressure.

Backtest Hypothesis

A potential backtest for a Bullish Engulfing strategy could be applied to ETHARS. This pattern appeared near the session open when the price surged from 5,994,657 ARS to 6,008,501 ARS, followed by a strong candle that engulfed the prior bearish body. However, the setup failed to hold as subsequent bearish volume overwhelmed buyers. A valid entry on a confirmed Bullish Engulfing pattern would require confirmation via a break of the engulfing candle's high and a rising RSI above 50. Given the divergence in volume and bearish momentum in the following candles, a stop-loss placed below the engulfing candle's low might have mitigated risk. A successful execution of this strategy on ETHARS may benefit from tighter risk management and a shorter holding period due to the pair’s high volatility.