Summary
• ETHUSD1 declined 4.9% over 24 hours amid bearish momentum and key support break.
• Volatility spiked midday with a 14.4% swing from low to high within 90 minutes.
• A bearish engulfing pattern emerged at 2950.0, confirming downward bias.
• RSI reached oversold levels near 28 by 04:45 ET, hinting at potential short-term rebound.
• Volume increased 2.3x at 02:30 ET, coinciding with a sharp 10.3% rally to 2988.5.
Ethereum/World Liberty Financial USD (ETHUSD1) opened at 2952.44 at 12:00 ET − 1 and reached a high of 2988.5 before closing at 2967.78 at 12:00 ET. The 24-hour range extended from 2883.82 to 2988.5, with total volume of 909.87 and turnover of $2,637,029. Price action suggests heightened bearish pressure, followed by a partial rebound in the early morning.
Structure & Formations
A bearish engulfing pattern formed at 2950.0 after a short-lived bullish reversal failed to hold. Price broke below the 2930.5 level, finding a new support at 2883.82. A doji formed at 2924.0, signaling indecision. Key resistances emerged at 2954.9 and 2975.8, while supports held at 2917.56 and 2898.62.
Moving Averages and Momentum
The 20- and 50-period moving averages on the 5-minute chart were bearish through the session, with price staying well below both. On the daily chart, the 50/100/200 EMA lines are aligned lower. MACD turned positive briefly during the 02:30 ET rally, but remains bearish overall. RSI dipped into oversold territory near 28 at 04:45 ET, hinting at possible short-covering.
Volatility and Bollinger Bands
Bollinger Bands showed a significant contraction just before the 02:30 ET rally, followed by a sharp expansion as volatility spiked. Price briefly exceeded the upper band during the 02:30–03:00 ET window, but quickly returned within the bands. This suggests a volatile consolidation phase may follow.
Volume and Turnover
Volume spiked at 02:30 ET, reaching 104.77 with a notional turnover of $3,143,173. This confirmed the 10.3% rally to 2988.5. However, volume dropped afterward, indicating waning conviction. Divergence between price and volume suggests traders may be hesitant to commit long-term capital.
Fibonacci Retracements
Fibonacci levels from the 2883.82 low to the 2988.5 high indicated key potential resistance at 2965.8 (61.8%) and 2975.4 (78.6%), both of which were tested. A pullback to 2948.21 may test the 38.2% retrace level, where momentum could pause before further consolidation.
Ethereum may remain range-bound between 2917.56 and 2988.5 in the near term as buyers test the 2948.21 level for support. Traders should monitor for a potential breakout or a test of the 2975.8 resistance. Caution is warranted as volatility remains elevated and key psychological levels are under pressure.
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