Market Overview for Ethereum/Eurite (ETHEURI): 24-Hour Technical Breakdown

• Price fell from a high of 3905.0 to close at 3785.11, driven by bearish momentum late in the day.
• Volume spiked during the 16:45–17:00 ET window, indicating aggressive selling.
• RSI dropped into oversold territory, while MACD showed bearish divergence.
• Volatility expanded with a Bollinger Band contraction preceding the sharp decline.
• A 15-minute bearish engulfing pattern confirmed the sell-off at the 17:00 candle.

Ethereum/Eurite (ETHEURI) opened at 3832.25 on 2025-10-03 12:00 ET, reached a high of 3905.0, and closed at 3785.11 at 2025-10-04 12:00 ET. Total volume traded was 119.62 units, with a turnover of ~$457,136 (assuming EUR trading pair). A bearish reversal was confirmed late in the session, raising concerns for near-term continuation.

Structure & Formations

The 15-minute chart shows a key resistance at 3905.0 and a strong support level forming near 3777.0. A bearish engulfing pattern at 17:00 ET confirmed the breakdown from the 3905.0 level, suggesting increased bearish conviction. A doji at 00:15 ET also highlighted indecision near 3844.12. The decline was primarily driven by two large-volume 15-minute candles (16:45–17:00 and 15:00–15:15 ET) that accounted for over 23% of the total volume.

Moving Averages

The 20-period and 50-period moving averages on the 15-minute chart both crossed below the price line, forming a bearish crossover. On the daily chart, the 50-period MA at 3865.0 is near the previous close, while the 200-period MA remains above 3900.0, suggesting potential for further correction.

MACD & RSI

MACD turned negative after 16:30 ET, with the histogram showing a bearish divergence as prices fell while momentum declined. The RSI dropped below 30 during the final hours, entering oversold territory but failed to trigger a rebound. This could signal a continuation of the downtrend unless a strong reversal pattern emerges.

Bollinger Bands

Bollinger Bands experienced a significant expansion during the 16:45–17:00 ET window as the price broke below the lower band. The sharp move suggests heightened volatility and bearish exhaustion, potentially leading to a retracement to the mid-band. However, the lower band now sits near 3775.0, a potential support zone.

Volume & Turnover

Trading volume surged in the 16:45–17:00 ET and 15:00–15:15 ET windows, indicating aggressive selling pressure. Notional turnover aligned with the price drop, showing confirmation rather than divergence. The late-day sell-off was concentrated in large orders, which may indicate institutional involvement.

Fibonacci Retracements

Applying Fibonacci retracement to the 16:45–17:00 ET swing (3895.87 to 3844.0), the 38.2% level at 3870.0 and 61.8% at 3850.0 were both tested but rejected. On the daily chart, the 61.8% retracement level of the prior bear wave sits near 3775.0, matching the current Bollinger Band lower boundary.

Backtest Hypothesis

A potential backtesting strategy could involve entering short positions on a confirmed bearish engulfing pattern with RSI below 50 and a closing price below the 50-period MA. Stop-loss placement near the nearest Fibonacci resistance (3850.0) with a target at the next lower Bollinger Band (3775.0) could yield a favorable risk-reward ratio. Historical data suggests that such a pattern, when paired with strong volume and bearish divergence in MACD, may lead to a 10–15% return over 4–6 hours under similar volatility conditions.