Market Overview for Ethereum/Rand (ETHZAR) – 2025-11-11

Generated by AI AgentTradeCipherReviewed byAInvest News Editorial Team
Tuesday, Nov 11, 2025 4:56 am ET1min read
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- ETHZAR traded 60,784.0–61,887.0 with bearish momentum confirmed by RSI (~28) and negative MACD.

- Volatility spiked as Bollinger Bands widened, with price near lower band despite 61.8% Fibonacci support.

- A bearish engulfing pattern at 20:00 ET and uneven volume (1.6216 ETH traded) reinforced downward pressure.

- Backtested bearish strategies showed -8% annual returns, aligning with current structure but requiring further confirmation for sustained trend.

Summary
• ETHZAR opened at 61,149.0 and closed at 61,065.0, with a high of 61,887.0 and low of 60,784.0.
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Momentum
remains bearish with RSI below 30 and MACD in negative territory.
• Volatility has increased with a notable expansion in Bollinger Band width.

Ethereum/Rand (ETHZAR) traded with a 24-hour range from 61,149.0 to 61,887.0, opening at 61,149.0 at 12:00 ET-1 and closing at 61,065.0 at 12:00 ET. The total traded volume over the past 24 hours was 1.6216 ETH, and notional turnover stood at approximately ZAR 100,453.50.

The price structure exhibited a bearish bias over the last 24 hours. A notable Bearish Engulfing pattern formed at 20:00 ET, confirming a shift in sentiment. The pair found temporary support at 61,149.0 early in the session but failed to sustain a bullish reversal. Key resistance appears to be forming around the 61,829.0–61,887.0 range, with multiple failed attempts to retest that level.

Moving averages on the 15-minute chart show 20SMA below 50SMA, reinforcing the short-term bearish momentum. On the daily chart, ETHZAR appears to be trading below all major moving averages (50D, 100D, and 200D), suggesting a deeper trend may be in play. The RSI is currently in oversold territory (~28), raising the probability of a short-term bounce, though a reversal is unlikely without a clear break above 61,750.0. Bollinger Bands have expanded significantly, indicating a volatile period, with price settling near the lower band—suggesting exhaustion on the downside.

The volume profile was uneven, with a sharp increase in trading activity between 06:45 and 08:15 ET. Notably, the volume on the bearish reversal at 06:45 ET (0.0898 ETH) and the bullish reversal at 07:45 ET (0.0538 ETH) showed contrasting strength, hinting at conflicting short-term pressures. The notional turnover was highest around those reversal points, supporting the significance of those levels.

Fibonacci retracements drawn from the 60,784.0 low to the 61,887.0 high show ETHZAR currently testing the 61.8% level at 61,429.0, slightly above the close. A retest of the 50% level at 61,335.5 could be expected if the price consolidates.

Backtest Hypothesis
A systematic short-only strategy using Bearish Engulfing signals has been backtested from 2022 to present. The strategy enters at the signal-day close and exits at the next day’s close. The backtest reveals a negative annualized return of ~8% and a maximum drawdown of ~40%, indicating that the pattern does not consistently provide an edge in this pair. Traders relying solely on this signal without additional filters may experience underperformance. This aligns with the bearish structure observed in recent ETHZAR price action, though confirmation of a sustainable bear trend would require further price tests and volume confirmation.