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

• Ethereum/Eurite opened at $3,333.53 and traded between $3,314.55 and $3,427.12, closing at $3,402.28.
• A bearish reversal pattern formed overnight, followed by a bullish rebound in early trading.
• Volatility expanded midday with a sharp 15-minute surge to $3,458.05 before retracing.
• RSI hovered near overbought levels during the rally but pulled back toward neutral territory.
• Turnover spiked around key support and resistance levels, confirming price reactions.

Ethereum/Eurite (ETHEURI) opened at $3,333.53 on October 23 at 12:00 ET and closed at $3,402.28 on October 24 at the same time. The 24-hour range extended from a low of $3,314.55 to a high of $3,427.12, with total volume of 118.67 and notional turnover of approximately $399,545,744. The market exhibited choppy overnight trading, a sharp midday rally, and a pullback in the afternoon session.

Structure & Formations

Price action showed a bearish engulfing pattern at 19:30 ET as Ethereum/Eurite reversed from a high of $3,334.68 to a low of $3,321.25. A bullish engulfing pattern followed at 04:30 ET when the price surged from $3,365.1 to $3,376.37. The most significant structure occurred at 12:45 ET, where a 15-minute candle surged to $3,458.05 from $3,409.76, forming a strong bullish breakout above prior resistance. Price then consolidated near $3,400, indicating short-term equilibrium. Key resistance appears to be clustering between $3,400 and $3,458, while support is likely to be tested around $3,350 and $3,300 levels.

Moving Averages

On the 15-minute chart, the 20-period and 50-period moving averages crossed above the price action in the morning, signaling potential bullish momentum. The 50-period MA acted as a dynamic support level around $3,370–$3,380, which was respected during the pullback. On the daily chart, the 50/100/200-day MAs are still divergent, with the 200-day MA at $3,320 providing a long-term floor.

MACD & RSI

MACD turned positive in the morning, with a strong signal line crossing into the bullish range around 04:30 ET. RSI peaked at 62 during the morning rally, indicating moderate overbought conditions but not extreme. The afternoon pullback brought RSI back to around 50, suggesting balanced buying and selling pressure. MACD remains above zero, maintaining the bullish momentum, though a bearish crossover could signal caution in the next 24 hours.

Bollinger Bands

The Bollinger Bands expanded significantly during the 12:45 ET rally, with price pushing above the upper band. This volatility expansion suggests a period of consolidation or a potential reversal could follow. Price has since retracted and sits within the bands, though closer to the upper band, indicating continued bullish pressure. A move below the lower band could trigger short-term bearish momentum.

Volume & Turnover

Volume spiked during the 12:45 ET rally, with 5.2517 units traded, representing the highest volume of the 24-hour period. The high turnover at this point confirmed the bullish breakout. Conversely, volume dropped during the afternoon pullback, suggesting lack of conviction from buyers. A divergence between price and volume may emerge if the rally fails to continue with strong turnover.

Fibonacci Retracements

Fibonacci retracements applied to the overnight swing (from $3,314.55 to $3,356.98) show 38.2% at $3,336.8 and 61.8% at $3,348.6. These levels were tested and held during the morning session, confirming the pattern's validity. On the 12:45 ET rally, the 38.2% level is at $3,426.6 and the 61.8% at $3,443.2, suggesting possible resistance ahead.

Backtest Hypothesis

The backtesting strategy described centers on identifying a bearish engulfing candle and exiting 15 minutes later. Given that our current backtesting engine only supports daily data, the feasibility of this strategy requires either an approximation using daily price action or a shift to an intraday-capable system. Since the ETHEURI data is available at 15-minute resolution, it’s important to determine whether to approximate the 15-minute exit with daily open/close or to adjust the workflow accordingly. Additionally, the ticker symbol "ETHEURI" should be confirmed—while it resembles the typical ETH/EUR pairing, it's prudent to confirm the exact representation to avoid misalignment in the backtest data.