Market Overview for Ethereum/Dai (ETHDAI) on 2025-11-03

Summary

• ETHDAI opened at 3856.28 and closed at 3700.1 after a volatile 24-hour session.
• Price dropped 4.06% with a low of 3588.4 and high of 3913.77, marking a wide range.
• Volume was light at 123.74 ETH, but turnover surged to $449,291.
• A bearish engulfing pattern at 3913.77 and a deep retracement to 3588.4 signal exhaustion.
• RSI could be near oversold levels, hinting at potential short-term rebound.

Market Overview for Ethereum/Dai (ETHDAI) on 2025-11-03

Ethereum/Dai (ETHDAI) opened at 3856.28 on 2025-11-02 at 12:00 ET and traded as high as 3913.77 before closing at 3700.1 by the same time on 2025-11-03. Total volume was 123.74 ETH, translating to a notional turnover of $449,291. The price action shows a bearish bias with multiple key technical signals.

Structure & Formations

ETHDAI formed a bearish engulfing pattern at 3913.77 and later saw a sharp decline to 3588.4, suggesting aggressive selling pressure. A doji at 3700.1 indicates indecision near the 24-hour closing level. The pullback to 3588.4 has established a new short-term support level, aligning with the 61.8% Fibonacci retracement of the recent bullish swing.

Moving Averages

On the 15-minute chart, the 20-period MA (around 3780) and 50-period MA (near 3750) were both breached during the sharp sell-off, reinforcing the bearish momentum. Daily moving averages suggest the 50-day MA is in support territory and is now acting as a resistance for a potential bounce.

MACD & RSI

MACD turned bearish with a negative crossover and declining histogram, confirming the downward trend. The RSI is likely near oversold levels, given the price has closed near the session's low. This could hint at short-term buying interest, though it may not be enough to reverse the broader trend.

Bollinger Bands

Price traded below the lower Bollinger band for most of the session, particularly after the 22:00 ET print, suggesting heightened volatility and risk of a countertrend reversal. However, the bands have widened significantly, indicating uncertainty in the market.

Volume & Turnover

Volume remained relatively low in the first half of the session but surged between 20:00 and 22:00 ET, especially around the 3850–3860 level, suggesting accumulation or distribution activity. Notional turnover spiked at 3588.4 as the pair hit its low, indicating strong bearish conviction.

Fibonacci Retracements

The 38.2% and 61.8% retracement levels at 3730 and 3640 respectively are key to watch. The current price at 3700.1 is approaching the 61.8% level, offering a potential short-term floor. A break below 3640 could extend the decline to the 78.6% level near 3550.

Backtest Hypothesis

The system could not locate RSI data for ETHDAI, possibly due to an incorrect ticker symbol. The correct ticker for Ethereum priced in a stablecoin is likely “ETH/DAI” or “ETH-USDT.” Assuming the RSI period is kept at 14 and the oversold threshold at 30, a 1-day-hold backtest from 2022-01-01 to today could clarify how often the market bounces after reaching oversold levels. Clarifying the ticker will enable accurate data retrieval and strategy testing.