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

• Price action shows consolidation near 3350–3360 range amid mixed momentum signals.
• 15-minute RSI remains neutral, indicating no immediate overbought/oversold conditions.
• Volatility has contracted, with Bollinger Bands tightening ahead of a potential breakout.
• Volume dipped in the early hours but picked up during key resistance tests near 3380.
• A bearish engulfing pattern forms mid-day, suggesting caution for potential short-term reversal.

The Ethereum/Eurite (ETHEURI) pair opened at 3365.1 on 2025-11-01 at 12:00 ET and closed at 3344.78 on 2025-11-02 at 12:00 ET. The price reached a high of 3387.67 and a low of 3325.06 during the 24-hour window. Total volume traded was 19.982, and the notional turnover amounted to approximately €66,745.17 (based on closing prices).

Over the 24-hour period, the price action showed a bearish bias after a brief rally that pushed ETHEURI above 3380. A key bearish engulfing pattern emerged around 05:00–05:30 ET as the price moved from 3375.3 to 3374.88 and then closed lower at 3375.3. This formation suggested that sellers began to overpower buyers. On the 15-minute chart, the 20-period moving average dipped below the 50-period line, indicating a potential shift in momentum. The 50-period MA was at 3368.5, and the 200-period daily MA was at 3365.1, showing the price is still slightly above its long-term average.

The RSI (14) hovered around 50 for most of the period, suggesting balanced momentum, although it dipped into oversold territory briefly at 3325.06. MACD lines showed a bearish crossover near 3365.1 as well, reinforcing the sell signal. Bollinger Bands narrowed significantly during the late hours of the day before a sharp drop in price to 3325.06, indicating a period of low volatility followed by a sharp price move. The price closed just above the 3340–3350 support zone, a region that may offer short-term stability or trigger further selling if breached.

Fibonacci retracements from the 3325.06 to 3387.67 swing showed key levels at 3351.55 (38.2%) and 3344.78 (61.8%). The 61.8% retracement level was closely approached at the close, suggesting a possible pause in the bearish trend. However, given the volume and pattern developments, this level may not hold for long, especially if the trend extends into the next 24 hours. The pair appears to be in a short-term bearish phase, with potential to test lower support levels if buyers do not show strength.

Backtest Hypothesis

The bearish engulfing pattern identified in the mid-day data (05:00–05:30 ET) could serve as a potential sell signal. To execute a backtest using this pattern, the following clarifications are necessary:

1. Exact Ticker Symbol – The symbol “ETHEURI” appears to be unrecognized by some data sources. Confirming whether the correct format is “ETH-EUR,” “ETHEUR,” or another variation will ensure accurate historical pattern detection.

2. Entry/Exit Convention – The strategy interprets a bearish engulfing pattern as a signal to open a short position at the open of the following trading day. Positions remain open until either a new bearish engulfing pattern appears (triggering a close of the current position and a new short entry) or the end of the test period. This logic is consistent with a trend-following approach.

3. Price Type & Risk Controls – By default, daily close prices are used for entry and exit, but using opening prices or intraday data could alter results. Applying stop-loss or take-profit levels may add realism to the strategy; however, these are not currently included. A max-holding-days constraint could also be added to manage drawdowns.

With this strategy in mind, a backtest from 2022-01-01 to 2025-11-02 would require pattern identification across the historical dataset, followed by execution of trades using the defined logic.