Market Overview for Ethereum/Mexican Peso (ETHMXN) – 24-Hour Summary

• ETHMXN formed a bullish engulfing pattern from 19:30 to 20:00 ET, signaling potential short-term strength.
• Price broke above the 83,569 resistance, reaching a 24-hour high of 84,739 before consolidating.
• Volatility expanded midday with a 15-minute range of 845.0, indicating increased market participation.
• RSI reached overbought territory (70+), suggesting caution around further upside without a pullback.
• Volume surged at key breakouts, particularly around 04:45 and 13:45 ET, validating price direction.

The Ethereum/Mexican Peso (ETHMXN) pair opened at 82,401 on 2025-09-17 12:00 ET and closed at 84,426 as of 2025-09-18 12:00 ET, reaching a high of 84,739 and a low of 81,148. Total volume for the 24-hour period was 2.8164 ETH, with a notional turnover of approximately 236.86 million MXN.

The 15-minute candlestick chart shows a strong bullish bias with multiple key resistance levels being breached, most notably at 83,569 and 84,348. A significant bullish engulfing pattern formed at 19:30–20:00 ET as the price surged from 82,669 to 82,925 after a prior decline. Later, at 04:45 ET, ETHMXN broke out above 84,348, confirming a new short-term high. A doji formed at 05:45 ET, hinting at indecision following the breakout.

Support levels emerged at 83,569 and 83,828, with the latter acting as a minor floor late in the session. A 20-period and 50-period EMA on the 15-minute chart showed a bullish crossover in the early morning, reinforcing the upward trend. The 50-period EMA has crossed above the 100-period line on the daily chart, indicating a positive shift in medium-term bias. The price currently sits above the 20 EMA on the 15-minute chart, suggesting continued momentum unless a strong reversal candle forms.

MACD showed a bullish crossover on the 15-minute chart, with the histogram expanding after the 04:45 ET breakout. RSI entered overbought territory (75–80) during the early morning hours, signaling potential for consolidation or a short-term pullback. Volatility expanded as price moved between 81,148 and 84,739, with the Bollinger Bands widening significantly. The price closed near the upper band at 84,426, indicating strong bullish pressure. A 38.2% Fibonacci retracement level of the recent downtrend from 84,739 to 83,698 sits at 84,313, near the 15:45–16:00 ET candle close. A break below 83,828 could trigger a 61.8% retracement at 83,520.

Backtest Hypothesis
A potential backtesting strategy could involve using the bullish engulfing pattern at 19:30–20:00 ET as a long entry signal, combined with a stop loss below 82,669 and a target near the 84,348 Fibonacci level. MACD bullish divergence confirmed the move higher, and RSI remained in overbought territory for only a short period before consolidation. This suggests that a breakout strategy using candlestick confirmation and momentum indicators may yield favorable risk-reward ratios in similar setups.