Market Overview: Ethereum/Yen (ETHJPY) 24-Hour Analysis

• Ethereum/Yen (ETHJPY) closed lower at 593,369.0 from an open of 582,322.0, hitting a high of 599,425.0 and a low of 573,128.0 in the past 24 hours.
• Price showed a volatile intra-day range, with notable dips and rebounds after reaching midday resistance levels.
• Volume was steady at ~96.23549 across the 24-hour window, while notional turnover surged near the daily close.
• RSI reached overbought levels near the 24-hour high but retreated, suggesting possible near-term exhaustion.
• A key support level at 591,000 appears intact, but a break below 589,000 could trigger further downside.

Ethereum/Yen (ETHJPY) opened at 582,322.0 on October 31, 2025, and closed at 593,369.0 as of 12:00 ET. The pair reached a high of 599,425.0 and a low of 573,128.0 within the 24-hour window. Total volume traded was 96.23549 ETH, with notional turnover peaking at key resistance levels around 599,000–600,000.

Price action was characterized by a strong midday rally that broke above 596,000, only to face immediate resistance and retrace toward 591,000. A bullish engulfing pattern formed near 593,000, suggesting potential reversal momentum. However, bearish pressure re-emerged as the session closed, with a long upper shadow indicating sellers dominating the close.

The 20-period and 50-period moving averages on the 15-minute chart converged in the mid-588,000–590,000 range, providing a dynamic support zone. MACD showed a narrowing histogram in the final hours, suggesting waning momentum, while RSI entered overbought territory but failed to sustain the rally. Bollinger Bands widened during the intra-day rally, reflecting elevated volatility. A 61.8% Fibonacci retracement of the 573,128–599,425 move aligns with current support at 589,000–591,000.

The 24-hour volume was consistent with recent trends, with no significant divergence observed between price and volume. Notional turnover spiked at the 24-hour high and again as the pair tested key support levels, confirming institutional participation. However, price failed to close above 599,000 despite multiple attempts, suggesting sellers remain in control.

Backtest Hypothesis

A potential backtesting strategy could focus on detecting bullish engulfing patterns over the past year, entering long positions at the next-day open with a 3-day holding period. This approach aligns with today’s candlestick structure, where a strong reversal pattern formed near 593,000. Given the RSI overbought signal and the 61.8% Fibonacci level, a test of this pattern-based strategy could yield valuable insights. A similar strategy applied to the 2022–2025 ETHJPY data could assess its viability under varying market conditions.