Market Overview: Ethereum/Eurite (ETHEURI) – 24-Hour Analysis

• Price action shows a distinct bearish bias with a 12.4% drawdown from the 24-hour high
• RSI and MACD confirm weakening momentum with bearish divergence and oversold conditions
• Volatility increased as Bollinger Bands expanded, signaling potential for a directional move
• Volume remains subdued, with no confirmation of a strong reversal pattern
• Fibonacci retracement levels suggest potential support near 3836.2 and 3822.0

Ethereum/Eurite (ETHEURI) opened at 3905.85 on 2025-09-18 at 12:00 ET, reached a high of 3935.64, fell to a low of 3789.02, and closed at 3812.54 on 2025-09-19 at 12:00 ET. Total volume was 93.07, and notional turnover for the 24-hour period was approximately 349,118.68 EURI.

The 15-minute OHLCV data reveals a prolonged bearish trend with several key formations. A strong bearish engulfing pattern appeared at 19:30 and 20:00 ET, which confirmed the breakdown of the prior upward movement. A doji formed at 00:00 ET, indicating indecision at the top of the consolidation phase. The key support levels observed during the period include 3836.2, 3822.0, and 3812.54, while the critical resistance levels include 3908.06 and 3915.0.

Moving Averages

On the 15-minute chart, the 20-period and 50-period moving averages are bearish, with the 20-period moving below the 50-period. This crossover suggests a continuation of the downtrend. On the daily chart, the 50-period and 100-period moving averages are also bearish, reinforcing the bearish bias. The 200-period MA remains above the price, but the gap is narrowing, indicating the potential for a short-term rebound.

MACD & RSI

The 15-minute MACD turned negative and remains in bearish territory, confirming the strength of the downward move. The RSI is in oversold territory at 25, suggesting potential for a pullback, though bearish momentum remains intact. A bearish divergence is visible in the RSI, indicating that sellers may be gaining control despite the oversold condition.

Bollinger Bands

Bollinger Bands show a clear expansion, indicating increased volatility. The price closed near the lower band at 3812.54, consistent with a bearish trend. The widening bands suggest that the market is preparing for a possible continuation of the downtrend or a sharp reversal if the price closes above the middle band in the near term.

Volume & Turnover

Volume remained generally low throughout the session, with notable spikes at key breakdown points (e.g., at 19:30 and 20:00 ET). The increase in volume during these selloffs suggests strong bearish conviction. However, the lack of sustained volume during the recovery attempts indicates weak demand. Notional turnover followed a similar pattern, with higher turnover correlating with price declines.

Fibonacci Retracements

Applying Fibonacci to the 15-minute swing from 3935.64 to 3812.54, the key retracement levels include 3883.17 (38.2%) and 3849.15 (61.8%). These levels may act as potential support or pivot points. On the daily chart, the 61.8% retracement of the broader downtrend (from 3935.64 to 3789.02) is at 3836.2, which coincides with a recent consolidation area.

Backtest Hypothesis

The backtesting strategy involves using the 50-period moving average as a trend filter and entering short positions when price closes below it on the 15-minute chart, confirmed by a bearish divergence in the RSI. Stop-loss is placed above the 20-period moving average, and take-profit is set at the nearest Fibonacci retracement level. Given the current bearish momentum and alignment with the 50-period MA, this strategy appears to offer a high-probability entry in the next 24 hours, especially if the price remains below 3836.2 and RSI confirms oversold divergence.