Market Overview: Ethereum/Zloty (ETHPLN) Daily Technical Summary

Summary
• Ethereum/Zloty (ETHPLN) traded between 11992.0 and 12327.0 PLN over the last 24 hours, closing at 12365.0 PLN.
• Rising momentum and strong volume in the overnight hours suggest accumulation and potential bullish bias.
• The RSI edged toward overbought territory, while Bollinger Bands show a moderate volatility expansion.

Ethereum/Zloty (ETHPLN) opened at 12076.0 PLN on 2025-11-06 at 12:00 ET and surged through the day, peaking at 12327.0 PLN. The pair closed at 12365.0 PLN on 2025-11-07 at 12:00 ET after a volatile 24-hour session. Total traded volume reached 68.3321 ETH, with notional turnover at 837,091.48 PLN. The price action suggests a period of consolidation followed by a strong bullish breakout, particularly after 03:00 ET on the 7th.

Structure & Formations

Price found support around the 12126.0–12133.0 PLN range and broke through key resistance levels starting at 12258.0 PLN, with a decisive move above 12300.0 PLN in the early hours of the 7th. A strong Bullish Engulfing pattern was visible between 05:00 ET and 05:15 ET as the pair surged from 12276.0 to 12344.0 PLN, signaling a potential reversal in short-term bearish momentum. A Bullish Flag pattern also formed between 01:45 ET and 02:00 ET, with a clear breakout following the pattern.

Moving Averages

On the 15-minute chart, price has closed above both the 20-period and 50-period moving averages for several hours, indicating positive momentum. For daily timeframes, the 50- and 100-period moving averages appear to be converging, with the 50-period line rising toward the 100-period line, suggesting a potential short-term bullish crossover.

MACD & RSI

The MACD (12,26,9) crossed above the signal line around 05:00 ET, confirming a shift in momentum. The RSI (14) reached 70, signaling overbought conditions, with a potential pullback expected in the near term. However, the RSI has remained in the overbought range for over 4 hours, suggesting strong conviction in the bullish move.

Bollinger Bands

Price has recently expanded above the upper Bollinger Band, confirming a breakout. The volatility has increased with the standard deviation widening from 2.0 to 2.8. Price is currently sitting near the 70% upper percentile of the 20-period Bollinger Band, a sign of high volatility and potential consolidation ahead.

Volume & Turnover

Volume spiked significantly after 03:00 ET, especially around 05:00 ET and 06:30 ET, aligning with price surges. Notional turnover reached a daily high of 123,733.0 PLN at 06:30 ET, indicating strong buying pressure. Divergences between volume and price are minimal, suggesting a healthy rally without signs of exhaustion.

Fibonacci Retracements

The recent 15-minute move from 12126.0 to 12327.0 aligns with a Fibonacci structure where the 61.8% level at 12242.0 PLN acted as a minor support before the breakout. On the daily chart, a 38.2% retracement level is now at 12295.0 PLN, which could act as a potential near-term resistance or support if the trend reverses.

Backtest Hypothesis

The recent Bullish Engulfing pattern on the 15-minute chart provides a natural starting point for a backtest hypothesis focused on short-term reversals. A viable strategy could involve entering a long position at the open of the bar following the pattern, with a 1-day holding period and a stop-loss just below the engulfing pattern's low. However, due to the system's inability to recognize the ETHPLN ticker, confirmation is needed on the correct exchange and symbol or an alternative quote currency (e.g., ETHUSD) to proceed with the backtest. Accurate historical data is essential for a valid simulation.