Market Overview: Ethereum/Yen Daily Technical Analysis

Generated by AI AgentAinvest Crypto Technical RadarReviewed byAInvest News Editorial Team
Saturday, Jan 3, 2026 11:11 am ET1min read
ETH
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Aime RobotAime Summary

- ETHJPY reversed sharply below 490,000 Yen after bearish engulfing pattern confirmed breakdown with surging volume.

- RSI hit oversold 30 level suggesting short-term rebound, but MACD divergence and 50-period MA failure reinforced bearish momentum.

- Bollinger Band expansion and 20/50-period MA crossovers highlighted increased volatility as price stabilized near 483,000 Yen.

- Key support at 480,000 Yen remains critical - sustained break could intensify bearish bias while 490,000 Yen retests may trigger counter-moves.

Summary
• ETHJPY tested key resistance at 490,000 Yen and reversed sharply lower.
• Volume surged during the bearish reversal, confirming breakdown potential.
• RSI entered oversold territory near 30, hinting at short-term rebound.

Ethereum/Yen (ETHJPY) opened at 488,200 Yen on 2026-01-02 12:00 ET and closed at 484,160 Yen as of 2026-01-03 12:00 ET. The pair reached a high of 490,705 Yen and a low of 480,858 Yen over the 24-hour period, with a total traded volume of 777.52854 ETH and notional turnover of 379,725,219.23 JPY.

Structure & Formations


ETHJPY encountered resistance at 490,000 Yen, marked by a bearish engulfing pattern at 489,314 → 488,150, which signaled a reversal. The price later tested the Fibonacci 61.8% level at 483,721 Yen before stabilizing. A notable bearish divergence developed at the 500-level moving average on the 5-minute chart.

Volatility and Moving Averages


The Bollinger Bands expanded significantly during the late afternoon and early evening ET, indicating increased volatility. The price closed below the 20-period and 50-period moving averages, reinforcing bearish momentum. The 50-period MA sat near 487,000, a level which failed to provide support.

Momentum and Indicators


The 12-period RSI dipped below 30 during the early morning, suggesting oversold conditions. However, the MACD histogram remained bearish, with the line crossing below the signal line at 488,000, indicating that selling pressure may persist in the near term.

Volume and Turnover


Volume spiked during the key bearish reversal candle at 488,150, with a turnover of 21,963,076.68 JPY. The volume-to-price relationship remained consistent during the breakdown, showing no divergence and reinforcing the validity of the move.

Forward-looking, Ethereum/Yen appears to be consolidating near 483,000–484,000 Yen, with key support at 480,000 and 477,000 Yen in view. A retest of 490,000 Yen could trigger a countermove, but a sustained close below 480,000 Yen would heighten bearish bias for the next 24 hours. Investors should remain cautious of increased volatility and potential short-covering in the short term.