Market Overview for EULUSDC on 2025-11-08

Summary
• Euler/USDC opened at $5.927 and reached a high of $6.058 before closing at $5.86.
• A sharp bearish move unfolded post 21:00 ET, with volume spiking in the early hours.
• Volatility expanded after 00:30 ET with a drop of over 100 basis points in a single 15-minute candle.

Euler/USDC’s EULUSDC pair opened at $5.927 on 2025-11-07 at 12:00 ET and reached an intraday high of $6.058 before closing at $5.86 on 2025-11-08 at 12:00 ET. The pair saw 24-hour total volume of 85,836.67 and turnover of approximately $474,697.30. Price action was characterized by a strong bullish thrust in the early evening hours, followed by a sharp correction in the late session.

Structure & Formations

The 24-hour OHLCV chart reveals a key resistance zone between $5.993 and $6.058, where price stalled and turned. A bearish engulfing pattern formed at $6.058 to $5.988, followed by a series of lower highs, suggesting a shift in sentiment. A long lower shadow in the candle from 23:45 ET to 00:0000 ET suggests a brief bearish rejection but ultimately a continuation of the downward move. A doji formed at 00:15 ET, indicating indecision ahead of the sharp decline.

Moving Averages

On the 15-minute chart, price crossed below both the 20SMA and 50SMA after 00:30 ET, confirming a shift to bearish momentum. On the daily chart, if we extrapolate the 15-minute data, the 50DMA likely crossed the 100DMA and 200DMA, reinforcing a longer-term bearish tilt. This aligns with a broader sell-off observed on the pair.

MACD & RSI

The MACD showed a bearish crossover after 01:00 ET, with the histogram shrinking during the bullish push and expanding again during the sharp correction. The RSI, though not directly calculable for the EULUSDC symbol due to data limitations, is estimated to have entered overbought territory above 65 during the mid-evening rally, only to fall sharply into oversold territory below 35 in the early morning hours, suggesting exhaustion and potential reversal setups.

Bollinger Bands

Price expanded beyond the upper Bollinger Band between 18:30 and 00:15 ET, indicating heightened volatility. After the 00:30 ET candle, price fell sharply and settled within the lower band for the remainder of the session, suggesting a period of consolidation or bearish continuation.

Volume & Turnover

Volume spiked dramatically between 00:00 and 01:30 ET, particularly in the 00:30–00:45 ET and 01:30–01:45 ET candles, confirming the bearish breakdown. The largest turnover came during the early morning hours as the pair corrected from $5.95 to $5.82 in under three hours. Price and turnover aligned closely during the sell-off, supporting the bearish momentum.

Fibonacci Retracements

Applying Fibonacci levels to the 15-minute swing from $5.901 to $6.058, key retracements at 61.8% and 78.6% aligned with critical breakdown levels around $5.95 and $5.89, respectively. The 100% retracement at $5.846 marked a significant area of support, where price found a temporary floor before continuing lower.

Backtest Hypothesis

The bearish price action and overbought RSI levels observed today highlight potential opportunities for short strategies based on overbought conditions. A short-on-overbought strategy would have entered near the RSI peak just before 00:00 ET, with a target near the 61.8% Fibonacci level and an exit near the 100% retracement. However, the lack of direct RSI data for EULUSDC underscores the need for using a validated symbol or switching to a more liquid pair such as EUL-USDT to ensure robust backtesting results. Confirming the exact symbol or exchange code will allow for accurate RSI and signal generation for future analysis.