Market Overview for Ethereum/Eurite (ETHEURI) on 2025-10-09

• ETHEURI opened at 3838.3 and closed at 3736.26 after a sharp selloff, hitting a low of 3710.27.
• Volatility expanded significantly during the sell-off, with price dropping 2.6% over 24 hours.
• RSI signaled overbought conditions early, followed by a quick reversal into oversold territory.
• MACD and volume confirmed the bearish momentum, with divergences hinting at possible follow-through.
• Bollinger Bands widened as volatility surged; price closed near the lower band during the final session.

Ethereum/Eurite (ETHEURI) traded between 3838.3 (open at 12:00 ET−1) and 3710.27 (low on 2025-10-09), closing at 3736.26 at 12:00 ET. The 24-hour volume was 119.88 units, with a total turnover of 450,278.6 EUR. A sharp bearish reversal unfolded after early bullish momentum, marked by key support breaks and a surge in bearish conviction.

Structure & Formations

Price formed a strong bearish engulfing pattern around 18:00 ET−1, which confirmed the reversal from a bullish to bearish phase. A key resistance level at 3890.0 was breached early before the price pulled back briefly. The 3838.3–3849.0 range acted as a key consolidation level before the breakdown. Support levels at 3850.07, 3822.47, and 3790.37 were all tested and failed to hold, reinforcing the bearish trend. A bearish flag pattern developed between 01:30 and 03:30 ET, as the price drifted lower with minimal volume.

Moving Averages

On the 15-minute chart, price closed below both the 20-EMA and 50-EMA, signaling a short-term bearish bias. The 50-EMA (3841.0) acted as a key resistance level, with price failing to reclaim it after multiple attempts. On the daily chart, the 50-EMA (3845.0), 100-EMA (3835.0), and 200-EMA (3820.0) were all pierced, indicating a broader bearish trend. A continuation below the 200-EMA could trigger further momentum-based selling.

MACD & RSI

The MACD turned negative mid-session, confirming the bearish momentum, with the histogram expanding during the 22:00–04:00 ET window. The RSI peaked at overbought levels (72) in the early hours before collapsing into oversold territory (29), signaling exhaustion in the bull camp and strength in the bear camp. This bearish divergence between price and momentum indicators suggests a possible continuation of the downtrend.

Bollinger Bands

Volatility was initially compressed between 16:45–18:00 ET−1, before expanding rapidly during the sell-off. Price closed near the lower Bollinger Band on the 15-minute chart, indicating a potential overextension to the downside. On the daily chart, the bands had widened significantly, with price sitting below the 2σ lower band, suggesting further downside potential.

Volume & Turnover

Volume spiked during the sell-off phase (22:00–04:00 ET), peaking at 5.55 units during the 18:45–19:00 ET−1 candle. Notional turnover mirrored the volume pattern, confirming the bearish conviction. The divergence between earlier volume and price suggests a lack of buying interest during the bullish phase, which may have contributed to the swift reversal.

Fibonacci Retracements

Key Fibonacci levels from the recent high at 3915.05 to the low at 3710.27 include 38.2% (3851.3) and 61.8% (3773.8). The 3851.3 level was tested twice but failed to hold, suggesting bearish bias. The 61.8% retracement level is currently in play and could serve as a near-term support or retest zone.

Backtest Hypothesis

Given the observed bearish momentum, volume confirmation, and support breakdowns, a potential backtest strategy could involve short entries on a break below key Fibonacci levels (e.g., 3851.3) with stops placed above recent highs. Target levels could be set using Bollinger Bands and RSI divergences as exit triggers. This approach aligns with the observed bearish engulfing pattern and the confirmation of trend weakness via MACD and RSI.