iShares MSCI South Korea ETF (EWY) Range-Bound Price Structure, Support and Resistance

EWY market structure, key levels, and derivatives interpreted from closed daily data, and explaining its behavior relative to the broader crypto market.

As of 2026-07-16 | Symbol EWY | Last closed price 162.22
Last closed price
162.22
Closed daily candle only, no live price.
365 day range
113.32 to 220.64
Based on the last 365 closed daily candles.
Key levels (55D)
159.3 / 220.64
Support is lower, resistance is upper.

Price Position and Structural State

iShares MSCI South Korea ETF (EWY) closed at 162.22 USDT on July 16, 2026, down 5.02%. The asset now sits in a sideways structure near the bottom of its 55-day range. Current 55-day support is near 159.3 USDT, with resistance near 220.64 USDT. A daily close below 159.3 USDT would confirm a downside regime shift. A hold near support would keep price inside the range.

Moving Averages and Trend Context

EWY is trading below all key moving averages. MA9 at 177.161 USDT stands as the first moving-average resistance area to watch. The more notable signal is downside extension: EWY sits 16.80% below MA50, while its historical range runs from -14.69% to 34.95%. Price has moved beyond the lower side of that historical range, which means the downside move is pronounced but also raises mean-reversion risk from a stretched position.

Trading Friction and Price Efficiency

EWY shows low trading friction, with a 3-day friction score of 70.3. The score combines price progress, wick rejection, and volume confirmation. Recent candles show cleaner acceptance, with cleaner price progress and lighter wick rejection. This gives moves near support or resistance more weight, especially when price closes cleanly.

Open Interest, Funding, and Positioning

Open interest fell sharply -23.95% in one day, showing a major reduction in futures exposure. OI sits near the middle of its 60-day range, so the move reduces leverage from a normal base rather than clearing an already crowded leverage base.

Funding is positive on the 24-hour average at +0.031460%, with the 7-day average also positive at +0.018596%. This shows sustained long-side cost pressure across both short and medium windows.

The long/short ratio is 1.05, sitting near the lower side of its 90-day range at 17.52%. This means long accounts only slightly outnumber short accounts, and the long tilt is weak compared with recent history.

Correlation, Beta, and Index Relationship

EWY shows weak linkage to the broader crypto market (Sigloid Index). Correlation is limited, and R² indicates that index behavior explains only a small portion of its movement. This suggests price action is largely driven by asset-specific factors rather than broader market direction. Over the 30-day window, the relationship is stable. Over the 60-day window, the relationship is stable.

Correlation, Beta, and R² by Window
Relationship metrics compare this asset with the Sigloid Index across closed daily data windows.
WindowCorrelationBetaRead
30D0.0490.0870.002Weak linkage
60D0.3620.5620.131Moderate linkage
180DNot enough data

Momentum, Volatility, and Indicator Pressure

EWY is moving more day to day, but participation remains weak. ATR% reads 7.07, above its full historical range, while Bollinger Band width% reads 21.56, near the middle of its full historical range. 20-day Volume Z-score is 0.28.

Momentum is weaker. RSI is 34.63, ROC14 is -10.30%, and MACD histogram is negative. These readings point in the same direction: downside pressure is active, while recovery pressure remains limited.

The read is cautious: downside momentum is active, but volatility and participation do not confirm a strong break yet.

Broader Market Regime

The Sigloid Index remains in a sideways regime, showing no clear broad market direction. EWY has a weak link to that market condition, so price behavior depends mainly on asset specific structure rather than the broader market.

Key Levels for the Next State Change

For EWY, the next structural shift depends on range boundaries. A daily close above 55-day resistance at 220.64 USDT establishes a bullish regime, while a daily close below 55-day support at 159.3 USDT confirms a bearish regime.

iShares MSCI South Korea ETF (EWY) Historical Chart and Market Context

Sigloid historical research chart

This chart gives a historical research view of the asset, including daily price, ATR%, Bollinger Band width%, distance from moving averages, historical open interest, funding, historical long/short ratio, and rolling correlation, beta, and R² versus market benchmarks.

Chart Description

The iShares MSCI South Korea ETF (EWY) chart includes historical daily price data, RSI, MACD, moving averages, distance from key moving averages, ATR%, Bollinger Band width%, volume, open interest, funding, and long/short positioning. It also adds structural and statistical context, including 55-day price range position and historical range positioning for ATR%, Bollinger Band width%, open interest, and long/short ratio across 30-day, 60-day, 90-day, 180-day, and full-history windows. In addition, it provides multi-timeframe rolling correlation, beta, and R² versus the Sigloid Index, Bitcoin, and Ethereum, helping evaluate trend structure, volatility conditions, derivatives positioning, and broader market relationships in a single research view.

Data notes

Data source: Binance futures market data. Indicators use closed daily candles only.

Disclaimer: Research context only. Not financial advice. No prediction. Crypto markets are risky.

Research FAQ

Frequently Asked Questions

Short answers based on closed daily structure, volatility, derivatives, and Bitcoin relationship data.

What is the current market structure for EWY?+

EWY is currently in a sideways structure based on closed daily data. Price remains inside the 55-day range, so Sigloid treats the structure as unresolved.

What are the key support and resistance levels for EWY?+

EWY's nearest support is 55-day support near 159.3 USDT, while nearest resistance is 55-day resistance near 220.64 USDT. These levels come from the lower side of the 55-day range and the upper side of the 55-day range.

What would change the current EWY structure?+

A daily close above 55-day resistance near 220.64 USDT would support a bullish shift. A daily close below 55-day support near 159.3 USDT would support a bearish shift.

What do momentum and volatility show for EWY?+

EWY's momentum is mixed. RSI reads 34.63, ROC14 is -10.30%, while ATR% and Bollinger Band width% show the current volatility backdrop.

What do open interest and long/short positioning show for EWY?+

Open interest and positioning show short-side pressure. OI changed -23.95% over one day, while the long/short ratio reads 1.05.

How correlated is EWY with Bitcoin?+

EWY currently shows weak linkage with Bitcoin on the 30-day window. Correlation is 0.13, beta is 0.29, and R² is 0.02.

Is Sigloid's EWY analysis based on live price?+

No. Sigloid's daily EWY analysis uses closed daily market data, not live intraday price. Live structure changes are tracked separately on the Live Events page.