Market Overview for Ethereum/Mexican Peso (ETHMXN) – 2025-09-13

• Ethereum/Mexican Peso (ETHMXN) surged over 3.5% in 24 hours, forming a bullish continuation pattern.
• Key resistance at 87,500 MXN and support at 86,000 MXN identified through candlestick structure and volume shifts.
• Volatility expanded midday, with Bollinger Bands widening, suggesting a period of aggressive buying.
• RSI showed overbought conditions at 78 late morning, but bullish momentum held into the afternoon.
• Notional turnover spiked to 87,500 MXN post-19:00 ET, confirming breakout strength despite thin volume.

Ethereum/Mexican Peso (ETHMXN) opened at 84,088 MXN at 12:00 ET − 1, surged to a high of 87,695 MXN, and closed at 86,971 MXN by 12:00 ET on 2025-09-13. The 24-hour volume amounted to 5.6126 ETH, with a notional turnover of 498,160 MXN.

Structure & Formations

The ETHMXN pair formed a strong bullish continuation pattern during the session, with a notable three-wave rally from 84,088 MXN to 87,695 MXN. A bullish engulfing pattern emerged at 19:30 ET, followed by a shooting star near 87,695 MXN as the session neared its peak. Key support levels formed at 86,000 MXN and 85,000 MXN, while resistance levels at 87,500 MXN and 88,500 MXN became critical for near-term direction.

Moving Averages and Momentum Indicators

On the 15-minute chart, price closed above both the 20 and 50-period moving averages, reinforcing the bullish momentum. The MACD crossed into positive territory midday, confirming the strength of the up-move. RSI hit 78 by 10:15 ET and remained above 60 for most of the session, indicating strong buyer control, though a pullback to the 50–55 range may be needed for re-entry.

Bollinger Bands and Volatility

Volatility expanded significantly between 19:00 ET and 01:00 ET, as the Bollinger Bands widened and price traded near the upper band most of the night. A contraction phase emerged after 04:00 ET, with price consolidating between the mid and lower bands before breaking out again near 07:00 ET. This suggests traders are closely watching the 87,000 MXN level for confirmation.

Volume & Turnover Dynamics

Volume spiked to 0.9289 ETH at 21:30 ET and again to 0.3121 ETH at 03:30 ET, coinciding with key price breakouts. Total notional turnover increased in tandem with these volume spikes, especially between 21:30 ET and 04:00 ET. Price and turnover remained positively correlated, suggesting institutional buying rather than speculative FOMO.

Fibonacci Retracements

Key Fibonacci retracement levels from the 84,088 MXN to 87,695 MXN rally include 61.8% at 86,773 MXN and 38.2% at 86,018 MXN. Price tested the 38.2% level twice before pushing higher, suggesting that a retest of this area could trigger further buying. The 61.8% level appears to offer immediate support if the current bullish trend stalls.

Backtest Hypothesis

A potential backtesting strategy for ETHMXN involves a breakout above the upper Bollinger Band combined with volume expansion and a bullish engulfing candle. Such a setup occurred at 19:30 ET and led to a 2.8% gain in the following 3 hours. A trailing stop-loss at the 86,000 MXN level could help lock in profits during a consolidation phase. This pattern is worth testing on historical data for ETHMXN using 15-minute OHLC and volume data to assess win rate and risk-adjusted returns.