Market Overview: Siacoin/Ethereum (SCETH) 24-Hour Analysis

Summary
• SCETH drifted lower overnight, closing near session lows amid muted volume.
• 15-minute consolidation and repeated test of $0.0006 support suggest bearish exhaustion.
• RSI in oversold territory, but volume waning—bearish continuation likely.

Siacoin/Ethereum (SCETH) opened at $0.000600 on 2025-11-08 at 12:00 ET, and over the next 24 hours drifted down to a low of $0.000580 before closing at $0.000590 at 12:00 ET on 2025-11-09. The 24-hour volume totaled 1,846,608.0, with a notional turnover of $1.094.

Over the past 24 hours, SCETH has shown a clear bearish bias, with price action consolidating below key support at $0.000600. The candlestick patterns from 18:30 to 19:45 ET suggest weak accumulation, with multiple candles closing at lows and open prices, forming bearish shadows. A small bearish reversal appeared briefly at 20:30 ET, but it failed to ignite bullish conviction, and the price drifted lower again. By the early hours of 2025-11-09, price action consolidated around $0.000590, with no significant resistance above that level.

Moving averages on the 15-minute chart show the price has been below the 20- and 50-period lines for most of the session, reinforcing the downward drift. The 20-period MA is at $0.000593, while the 50-period MA is slightly higher at $0.000595, forming a bearish alignment. In the daily timeframe, SCETH remains below the 50, 100, and 200-day moving averages, though the distance is minimal, suggesting the pair may be approaching a potential inflection point.

RSI has remained in oversold territory for the last six hours, hovering near the 30 level, which typically signals potential short-term buying interest. However, volume during this phase has been declining, indicating weaker conviction. MACD has flattened in negative territory, with no clear sign of a bullish crossover. Bollinger Bands have seen little expansion, and price remains near the lower band for most of the session, signaling low volatility and bearish inertia.

The price currently trades within a tight range between $0.000580 and $0.000600, with $0.000600 acting as a critical psychological and Fibonacci retracement level. A break below $0.000580 could trigger a deeper pullback toward $0.000575, the 61.8% Fibonacci level of the recent $0.000580–$0.000610 rally.

Looking ahead, SCETH may remain range-bound in the near term unless volume picks up on a meaningful break of either $0.000580 or $0.000600. Traders should monitor for divergence between price and momentum indicators, particularly RSI and MACD, which could hint at a reversal. For now, the bias remains bearish, with risks skewed to the downside.

Backtest Hypothesis
The backtest described aims to leverage RSI signals for entry and exit timing. A similar approach could be applied to SCETH by using a 14-period RSI (conventional settings) to identify potential overbought or oversold conditions. Given SCETH’s current RSI at ~30 and its proximity to key support, a potential strategy might involve a short entry if RSI fails to cross back above 30 while volume remains thin. A 1-day holding period and a stop-loss near $0.000575 would help manage risk. However, SCETH’s low liquidity and thin volume may limit the strategy’s effectiveness, making it unsuitable for high-frequency backtests.