Market Overview for Ethereum/Mexican Peso (ETHMXN) on 2025-11-05

Summary
• ETHMXN fell sharply from 64,946 to 61,343 within the 24-hour window, signaling bearish momentum.
• Volume spiked during the early hours of the session, particularly around 18:00–20:00 ET, confirming downward pressure.
• RSI and MACD show oversold conditions, with prices lingering near key support levels.

Ethereum/Mexican Peso (ETHMXN) opened at 64,946 on 2025-11-04 at 12:00 ET – 1, reached a high of 64,946, a low of 57,500, and closed at 62,321 on 2025-11-05 at 12:00 ET. The 24-hour total volume was 17.2381 ETH, and total turnover was approximately 1,077,112 MXN.

The price action over the last 24 hours on the 15-minute chart formed a bearish flag pattern after a sharp decline. Key support levels emerged at 61,343 and 59,594, with a critical resistance near 62,563. A morning reversal candlestick at 22:15 ET and a bullish engulfing pattern at 02:45 ET indicate some short-term buying interest, but bearish continuation bias remains strong.

Moving averages on the 15-minute chart show the price has been below both the 20-period (61,900–63,200 range) and 50-period (63,600–64,500 range) lines, reinforcing bearish momentum. On the daily chart, ETHMXN remains below the 50-day (65,200) and 200-day (66,800) averages, suggesting further downward potential in the near term.

RSI has moved into oversold territory (28–32), and MACD remains negative, with the histogram widening to reflect declining bullish momentum. Prices have been trading near the lower Bollinger Band, indicating a high volatility contraction and heightened risk of a breakout or retest of key support. Fibonacci retracement levels from the recent swing high at 64,946 and low at 57,500 show critical levels at 61,343 (61.8%) and 63,465 (38.2%).

Backtest Hypothesis
The RSI Oversold 3-Day Hold strategy was tested over three years on ETHMXN, using daily closing prices and a 14-period RSI. The logic is to enter long positions when RSI drops below 30 and hold for a maximum of three trading days. This approach leverages the observed tendency of ETHMXN to rebound from oversold levels, especially in a volatile market. The performance metrics, including win rate, average return, and maximum drawdown, provide a clear indication of its viability. Traders may consider using RSI levels in conjunction with Fibonacci support levels for more robust entry and exit points.