Market Overview for Ethereum/Mexican Peso

Summary
• ETHMXN tested and failed at 53,930, forming a bearish engulfing pattern near the 53,920 level.
• Momentum waned with RSI signaling oversold conditions and MACD flattening into a bearish divergence.
• Volatility remained low, with price consolidating within a narrow Bollinger Band range.
• A 61.8% Fibonacci retracement aligns with 53,785, where a large bearish candle closed.
• Turnover dropped sharply after 05:00 ET, despite a modest price decline toward 53,785.

Ethereum/Mexican Peso (ETHMXN) opened at 53,872 on December 19 at 12:00 ET, reached a high of 54,074, and a low of 53,694, closing at 53,785 on December 20 at 12:00 ET. Total volume for the 24-hour period was 2.1189 ETH, with a notional turnover of approximately 114,560 MXN.

Structure & Candlestick Patterns

The price structure showed a key resistance at 53,930, where the pair failed to break through, forming a bearish engulfing pattern. A significant bearish candle closed the session at 53,785, coinciding with a 61.8% Fibonacci level from the prior swing high.

Technical Indicators

RSI signaled oversold conditions near 30, and MACD showed a bearish divergence with the price continuing lower while the histogram flattened. Bollinger Bands remained constricted, suggesting a low-volatility environment, with price near the lower band.

Volume and Turnover

Volume was thin for most of the session, peaking at 0.08 ETH around 08:15 ET. Turnover increased sharply during the large bearish candle at 53,785 but dropped significantly after 05:00 ET, suggesting a lack of sustained buying pressure.

Given the bearish engulfing pattern and the alignment with key Fibonacci levels, price may test lower support near 53,694 in the next 24 hours. Investors should monitor the 53,785 level for potential further declines and keep an eye on volume increases for signs of a potential reversal.