Market Overview for Ethereum/Dai (ETHDAI)

Summary
• Ethereum/Dai (ETHDAI) formed a bearish engulfing pattern early, followed by consolidation between 2964.63 and 2991.11.
• RSI hit oversold territory near 2954.5, suggesting potential short-term buying interest.
• Volume surged during the 2954.5–2974.48 rebound but failed to confirm sustained bullish momentum.
• Bollinger Bands show tightened volatility before the recent downward break.
• Fibonacci levels at 2976.19 and 2964.79 appear to be key near-term supports.

Ethereum/Dai (ETHDAI) opened at 2975.6 (12:00 ET - 1) and traded between 2954.5 and 2991.11, closing at 2964.63 by 12:00 ET. Total 24-hour volume was 76.73 ETH, with notional turnover reaching ~$227,955.

Price Action and Structure

ETHDAI formed a bearish engulfing pattern shortly after the 17:00 ET session and consolidated between 2964.63 and 2991.11 for much of the day. A strong selloff in the 13:45 ET candle drove price to the session low of 2954.5, testing prior support levels. The 20- and 50-period moving averages on the 5-minute chart remained bearish, with price closing below both. Daily moving averages are less relevant due to the short time frame, but the 24-hour action suggests a near-term shift to the downside.

Volatility and Momentum

Bollinger Bands showed a period of volatility contraction before the late-day selloff, suggesting a potential breakout. The 5-minute RSI dropped into oversold territory near 2954.5, hinting at potential short-term support. MACD crossed into negative territory with bearish divergence, reinforcing the downward bias.

Volume and Turnover

Volume increased during the 2954.5–2974.48 rebound, peaking at over 11.4 ETH in a single 15-minute candle. However, the subsequent pullback to 2964.63 lacked confirmation, suggesting cautious positioning. Turnover spiked during the selloff but failed to drive a strong follow-through, indicating potential indecision.

Ethereum/Dai may find near-term support around 2964.63 and 2951.89, with a possible bounce off these levels. A breakdown below 2951.89 could extend the correction further. Investors should monitor volume patterns and RSI for signs of exhaustion or reversal.