Internet Computer/Tether (ICPUSDT) 24-Hour Market Overview

• Internet Computer/Tether (ICPUSDT) dropped to a 24-hour low of $4.736, driven by sharp selling in overnight hours.
• Price closed with bearish momentum, ending 2.18% lower near $4.778 after a long bearish candle on the 15-minute chart.
• High volatility was observed, with Bollinger Bands widening significantly during the sell-off.
• Volume spiked to 63,908 in the largest 15-minute candle, confirming the bearish breakdown.
• RSI and MACD signaled strong bearish momentum, with price nearing 38.2% Fibonacci support at $4.774.

Internet Computer/Tether (ICPUSDT) opened at $4.878 on 2025-09-18 at 12:00 ET and traded as high as $4.972 before dropping to a 24-hour low of $4.736. The pair closed at $4.778 as of 2025-09-19 at 12:00 ET. The 24-hour trading volume amounted to 1,414,659.99 and notional turnover reached approximately $6.89 million. The bearish breakdown continued after a key support level was tested and breached.

Structure & Formations

Price action revealed a strong bearish bias, with a key bearish engulfing pattern forming around $4.85–$4.88 after a brief rebound. A long bearish candle on the 15-minute chart at 03:45 ET confirmed the breakdown below $4.88. The 38.2% Fibonacci retracement level at $4.774 served as a shallow support, which was nearly tested but failed to hold, signaling further downside potential. A doji candle emerged near $4.786, hinting at short-term indecision among traders. The 61.8% Fibonacci level at $4.733 was briefly reached before a partial recovery followed.

Moving Averages and MACD / RSI

The 20-period and 50-period moving averages on the 15-minute chart showed a clear bearish crossover, with the 20 MA dipping below the 50 MA. On the daily timeframe, the 50-period MA is above the 200-period MA, indicating a neutral to slightly bearish trend. The MACD histogram showed strong bearish momentum in the early hours of the session, with a wide negative divergence. RSI dropped to 30.3 at the 15:15 ET candle, indicating oversold conditions, but failed to trigger a strong reversal. The pair may test lower RSI levels in the next 24 hours if the bearish trend continues.

Bollinger Bands and Volatility

Bollinger Bands widened significantly following the breakdown, reflecting heightened volatility. Price spent much of the session trading below the lower band, especially during the overnight Asian and European sessions. The 20-period Bollinger Band contraction observed earlier in the session did not lead to a reversal but instead a sharp breakdown. Current volatility remains elevated, with the upper and lower bands spanning a $0.23 range as of the close.

Volume and Turnover

Volume surged to 63,908 during the 15:00 ET candle, the largest of the 24-hour period, aligning with the lowest price of the session at $4.736. Notional turnover spiked in tandem, reaching a peak of $314,500 in that same candle. The volume and price move were in alignment, confirming the bearish breakdown. However, as price approached the 38.2% Fibonacci level, volume waned slightly, suggesting some exhaustion of bearish momentum. A divergence may emerge in the next 24 hours if price fails to break below $4.733.

Fibonacci Retracements

The recent 15-minute swing from $4.972 to $4.736 created key Fibonacci retracement levels that have been tested multiple times. The 38.2% level at $4.774 was briefly reached before a small rebound occurred. The 50% level at $4.854 was a previous resistance area that failed to hold as a support. The 61.8% level at $4.733 is now in play, and a close below this could signal a continuation of the bearish trend. Daily Fibonacci levels also indicate potential support at $4.70 and $4.65 based on the recent leg down from key resistance.

Backtest Hypothesis

A potential backtesting strategy could be to enter short positions on the breakdown of the 38.2% Fibonacci level at $4.774, with a stop above the recent high of $4.806. A trailing stop could be placed near the 23.6% retracement level at $4.84 to manage risk. This approach aligns with the observed bearish momentum and strong volume confirmation at the breakdown. The setup would target a risk-to-reward ratio of at least 1:1.5, assuming a move toward $4.65, while keeping the risk controlled on the short side. Given the current volatility and alignment of technical indicators, this strategy may perform well in a continuation scenario but carries risk if a reversal occurs.