ENSUSDT Market Overview: Ethereum Name Service/Tether

• Price declined from 24.70 to 24.30, forming bearish momentum with oversold RSI.
• Volatility expanded in early hours, followed by consolidation and volume compression later.
• Key support at 24.30–24.35 held, while resistance remains near 24.60–24.70.
• Downtrend appears to be in early continuation phase, with a potential test of 24.20.
• Turnover increased during sharp declines but declined during consolidation.

Ethereum Name Service/Tether (ENSUSDT) opened at 24.70 on 2025-09-13 12:00 ET and traded as high as 24.73 before falling to a low of 24.20. The pair closed at 24.35 as of 2025-09-14 12:00 ET. Total volume over the 24-hour period was 132,673.34, with a notional turnover of approximately $3.19 million.

Structure & Formations

The 24-hour candlestick pattern shows a bearish bias, with price forming a descending channel and key support levels consolidating around 24.30–24.35. A bearish engulfing pattern occurred at 17:15 ET, followed by a doji at 04:45 ET, suggesting potential exhaustion in the short-term downtrend. Resistance levels appear to be forming near 24.60–24.70, which were previously broken but failed to hold during retracement attempts.

Moving Averages

On the 15-minute chart, the 20-period and 50-period moving averages show a bearish crossover, with price consistently below both. The daily chart indicates a broader bearish bias as the 50-period MA is falling through the 100-period and 200-period lines, reinforcing the medium-term downtrend. A retest of the 50-period MA could offer a potential entry point for short-term traders if a bounce occurs.

MACD & RSI

The MACD has been negative for most of the 24-hour period, confirming the bearish momentum. RSI has dipped into oversold territory below 30 at several points, most recently at 04:30 ET, suggesting a potential bounce near 24.30. However, the RSI has not confirmed a strong reversal yet, and a break below 24.20 may push it further into oversold conditions, increasing the risk of a deeper correction.

Bollinger Bands

Price has oscillated between the Bollinger Bands, with a volatility expansion in the early hours and a contraction later in the day. By 07:00–09:00 ET, price moved closer to the lower band, indicating bearish pressure. A break below the lower band would confirm a bearish scenario, while a move above the middle band would signal a possible bounce.

Volume & Turnover

Volume spiked during the initial decline from 17:00–19:00 ET, especially during the 17:15 candle, aligning with the 24.21 low. Turnover confirmed the bearish price action, with higher volumes during the sharp declines. However, volume has compressed in the later hours, suggesting reduced conviction in the current trend. A divergence between price and volume during the bounce should be watched closely as a bearish signal.

Fibonacci Retracements

Recent 15-minute swings show that the price has tested key Fibonacci levels, particularly the 61.8% retracement at 24.45–24.50. A breakdown below 24.35 could see a test of the 78.6% retracement near 24.20. On the daily chart, the 61.8% level from the recent high of 24.73 is near 24.45, which has shown resistance during consolidation periods. A failure to hold 24.45 could extend the bearish move toward 24.20.

Backtest Hypothesis

Given the bearish bias and recent Fibonacci levels, a short-term backtesting strategy could involve entering short positions on a break below key support levels (24.35–24.30) with a stop above the nearest resistance (24.45). A take-profit target could be set at 24.20–24.25, aligning with the 78.6% Fibonacci level and the Bollinger Band contraction point. This approach would benefit from the current RSI oversold readings and the bearish MACD trend. However, traders should remain cautious of a potential rebound above 24.45, which could invalidate the bearish setup.