Market Overview for Ethereum/Rand (ETHZAR) – 24-Hour Candlestick Analysis (2025-11-09)

Generated by AI AgentTradeCipherReviewed byAInvest News Editorial Team
Sunday, Nov 9, 2025 12:44 am ET1min read
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- Ethereum/Rand (ETHZAR) traded in a narrow range before a sharp 1.3% decline in the final 3 hours, marked by a bearish engulfing pattern at 19:15 ET.

- Volatility surged during the drop, but low volume and turnover indicated limited conviction, with key support forming at 58,767 ZAR.

- RSI entered oversold territory, and Bollinger Bands showed downward volatility, reinforcing the bearish bias as price closed below the lower band.

- Fibonacci retracement levels highlight 38.2% (59,163 ZAR) and 61.8% (58,911 ZAR) as potential support, with 58,767 ZAR acting as a psychological floor.

Summary
• Ethereum/Rand traded in a narrow range for most of the 24 hours before a sharp downward move near the end.
• A bearish engulfing pattern appeared at 19:15 ET as price declined from 59,418 to 59,281 ZAR.
• Volatility surged as price dropped 1.3% in the final 3 hours, but volume and turnover remained subdued.

Ethereum/Rand (ETHZAR) opened at 59,418 ZAR at 12:00 ET − 1 and traded as high as 59,418 ZAR before closing at 58,767 ZAR by 12:00 ET. Total volume was 0.1765 ETH, with turnover remaining low due to limited trading activity.

Over the past 24 hours, price action has shown consolidation with limited directional bias until a sharp break lower in the final 3 hours. Key support appears forming around 58,767 ZAR, which has been tested and held twice in the data window. Resistance is likely to remain at the 59,418 ZAR level, which price repeatedly failed to exceed. A bearish engulfing candle at 19:15 ET marked the start of a 1.3% decline over the next 4.5 hours, signaling potential short-term bearish

momentum
.

MACD remains neutral with no clear divergence from price action, while RSI has moved into oversold territory, suggesting the recent drop may have been overdone. Bollinger Bands show minimal contraction, indicating that volatility has not collapsed but rather been redirected downward. Notably, price closed below the lower band in the final 3 hours, reinforcing the bearish bias.

Volume remains low, with the most notable trade activity occurring at 19:15 ET (0.0788 ETH volume), followed by a larger but still modest volume at 03:15 ET (0.0949 ETH). No significant divergence exists between volume and price movement, but the lack of volume could indicate limited conviction in either direction.

Fibonacci retracement levels from the 15-minute swing high of 59,418 to the swing low of 58,767 indicate key support at 38.2% (59,163 ZAR) and 61.8% (58,911 ZAR). The 58,767 ZAR level may act as a psychological floor ahead of further testing.

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Backtest Hypothesis
The backtest strategy aimed to identify Bearish Engulfing patterns in the ETHZAR 15-minute chart, but it failed due to an issue with the data source recognizing the symbol. A confirmed and recognized symbol is required to proceed. Once symbol format or exchange is clarified (e.g., ETH/ZAR on Luno or Binance), a new data fetch can be initiated. The pattern itself, when confirmed, is typically bearish and can be useful in generating short-term sell signals when aligned with momentum indicators like RSI and MACD.

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