Market Overview for Ethereum/Yen (ETHJPY)

Summary
• Price action formed a bearish engulfing pattern near 477,900 and tested key support at 465,240.
• RSI signaled oversold conditions in the final 6 hours, but momentum failed to confirm a rebound.
• Volatility expanded throughout the session, with Bollinger Bands widening past 3,000 range.
• Volume surged during the 5–9 AM ET rebound but faded after 10 AM ET, suggesting distribution.
• 50-period MA on the 5-minute chart acted as dynamic resistance during the final 3 hours.

Ethereum/Yen (ETHJPY) opened at 478,319 and traded between 478,940 and 461,280 over 24 hours, closing at 461,280 at 12:00 ET. Total volume was 4,579.16 units, with notional turnover reaching $1.09 billion.

Price Action and Candlestick Formations

A bearish engulfing pattern formed at the session high near 477,900, signaling a reversal. Price then fell sharply to test a key support at 465,240, where it found temporary buyers. A doji formed near that level, hinting at potential consolidation.

Moving Averages and Momentum

The 50-period moving average on the 5-minute chart acted as a resistance near 464,000 during the final 3 hours. RSI hit oversold territory for six consecutive hours but failed to generate a strong rebound, suggesting bearish exhaustion may not be complete.

Volatility and Bollinger Bands

Bollinger Bands expanded significantly after 2 AM ET, indicating rising volatility. Price spent much of the session near the lower band, but a brief retest of the upper band around 6 AM ET failed to produce a breakout.

Volume and Turnover

Volume surged during the 5–9 AM ET recovery phase, with a peak of 359 units, but faded sharply afterward. Turnover mirrored this pattern, showing divergence from price as buyers became hesitant after 10 AM ET.

Fibonacci and Key Levels

The 61.8% Fibonacci retracement level of the major swing from 478,940 to 461,280 is at 465,100—very close to the support tested overnight. A break below this level could target 461,000–458,000 in the next 24 hours.

Ethereum/Yen may find near-term direction based on a close above 465,240 in the coming 24 hours. However, traders should remain cautious as bearish momentum appears to be waning without a clear reversal signal.