Market Overview for Ethena USDe/Tether (USDEUSDT): 24-Hour Summary as of 2025-09-22

• Ethena USDe/Tether trades sideways with a slight bias to the upside amid elevated volatility in the early session.
• Price formed key bullish patterns like bullish engulfing and hammer candles post 06:30–07:45 ET.
• RSI indicates overbought conditions, while MACD remains bullish with rising momentum.
• Volatility expanded significantly after 08:15 ET with a high-volume surge of over 7 million contracts.
• Bollinger Bands saw a sharp expansion, suggesting a potential continuation of the upward trend.

Ethena USDe/Tether (USDEUSDT) opened at 0.9998 on 2025-09-21 at 12:00 ET and reached a high of 1.0015 before closing at 1.0012 at 12:00 ET on 2025-09-22. The 24-hour trading volume stood at 56.5 million contracts, with a total notional turnover of approximately 56.6 million USD. Price action was marked by a late-night recovery and a sharp upward push driven by high-volume buying.

Structure & Formations

Price action over the 24-hour period displayed a strong upward bias, particularly after 08:15 ET when a bullish engulfing pattern formed at the lower end of a consolidation range. The pattern followed a 45-minute bearish correction from 1.0011 to 0.9995 and was confirmed with high-volume activity. A key support level emerged at 0.9993–0.9995, and price found a strong short-term resistance at 1.0008–1.0011, which was repeatedly tested and held. A doji formed at 1.0011 in the early hours of 2025-09-22, hinting at indecision before the final push higher.

Moving Averages

On the 15-minute chart, the 20-period and 50-period moving averages both crossed above the 1.0000 level and began trending higher, reinforcing the bullish momentum. The 50-period MA provided a dynamic support level during the 07:00–09:00 ET consolidation phase. On the daily chart, the 50/100/200-period MAs are aligned in a bullish configuration, with price above all three and the 50-period MA showing a slight upward bias.

MACD & RSI

The MACD remained in positive territory throughout the session with a bullish crossover occurring at 06:30 ET. The histogram expanded after 08:15 ET, signaling strong momentum behind the rally. The RSI reached overbought levels above 70 twice in the session, most recently at 10:45 ET, but did not trigger a sell-off, suggesting strong demand. The RSI divergence between the 09:15–09:30 ET and the 10:15–10:30 ET periods was minimal, supporting the continuation of the bullish trend.

Bollinger Bands

Bollinger Bands showed a contraction during the early morning consolidation phase between 05:15–07:30 ET before a sharp expansion as price surged above the upper band at 08:15 ET. Price continued to trade within the upper 20% of the bands until 11:30 ET when it began to consolidate near the upper boundary again. The expansion suggests increased volatility and potential for further upward movement or a correction if key levels are breached.

Volume & Turnover

Trading volume spiked significantly at 08:15 ET with a 7.65 million contract volume candle, coinciding with the bullish engulfing pattern. The volume profile indicated strong institutional buying activity during the 08:15–10:45 ET period. Notional turnover mirrored this trend, peaking at $7.2 million during the same interval. No significant volume divergence was observed during the late morning consolidation, suggesting strong conviction in the current move.

Fibonacci Retracements

Applying Fibonacci retracements to the 06:30–07:45 ET bearish leg, the 61.8% level (0.9995–1.0005) acted as a key support zone. On the daily chart, the 38.2% Fibonacci level was tested twice in the session, both times with strong buying pressure. The 61.8% level at 1.0010–1.0012 is currently in play, and a break above this range would signal further bullish potential.

Backtest Hypothesis

Given the technical setup observed today—particularly the bullish engulfing pattern at 08:15 ET, the strong volume confirmation, and the alignment of moving averages—a backtesting strategy could be constructed based on the following signal: Entry on a bullish engulfing pattern confirmed by a 15-minute close above the high of the engulfing candle, with a stop-loss placed below the low of the formation and a target at the 61.8% Fibonacci extension from the prior bearish leg. This would align well with the observed behavior of price and volume, and could be tested across similar 15-minute candlestick scenarios to assess its profitability and risk-adjusted return.

In the next 24 hours, Ethena USDe/Tether appears poised for a continuation of the upward trend if the 61.8% Fibonacci level at 1.0010–1.0012 holds and buying pressure remains. However, traders should remain cautious of any divergence in the RSI and potential pullbacks as the pair nears overbought territory. A break below 1.0000 could signal a short-term correction, particularly if volume declines.