Market Overview: ENSUSDT Faces Key Resistance Amid Volatile 24-Hour Rally

Summary
• Price surged from $9.36 to $9.78, forming bullish engulfing and hammer patterns near $9.5–9.7.
• Volume spiked to 6,600 at $9.7, confirming strength; RSI suggests overbought conditions at 73.
• Bollinger Bands expanded with a 0.35% range, showing rising volatility; 20-period MA supported the move up.
• Fibonacci retracement levels at $9.61 and $9.73 appeared pivotal, with price testing both in the final hours.

Ethereum Name Service/Tether (ENSUSDT) opened at $9.36 on December 19 at 12:00 ET and rose to a high of $9.78, closing at $9.71 by the same time on December 20. Total volume reached 66,049 and turnover amounted to $617.60 in the 24-hour window.

Structure and Momentum

Price action on ENSUSDT exhibited a strong bullish bias throughout the 24-hour period, with a notable low at $9.36 on December 19 followed by a sustained rally to $9.78. A bullish engulfing pattern emerged around $9.5 and a hammer formation near $9.7 signaled potential short-term support and buying interest.

The Relative Strength Index (RSI) climbed to 73 by the end of the session, suggesting overbought conditions and a potential pullback in the near term.

Volatility and Confirmation

Bollinger Bands widened from a 0.14% to a 0.35% range, reflecting rising volatility as price traded between $9.36 and $9.78. The 20-period moving average provided strong support during the rally, reinforcing the bullish sentiment. Volume saw a sharp increase at $9.7, with over 6,600 contracts traded, offering confirmation for the move up. However, price failed to close above the $9.78 high, indicating resistance at that level.

Fibonacci and Future Outlook

Fibonacci retracements highlighted key levels during the move. The 61.8% retracement at $9.61 and the 78.6% retracement at $9.73 were both tested multiple times during the session, especially in the final hours. Price appears to be consolidating near $9.7, suggesting a possible pullback or continuation based on the reaction to the $9.78 level.

Looking ahead, ENSUSDT may face near-term resistance at $9.78 and support at $9.61. A break above $9.78 could signal renewed bullish momentum, but traders should remain cautious given the overbought RSI and divergences in volume distribution.