Market Overview for Ethena USDe/Tether (USDEUSDT) - November 1, 2025

Ethena USDe/Tether (USDEUSDT) opened at 0.9992 at 12:00 ET–1 and traded between 0.9992 and 0.9994 over the next 24 hours, closing at 0.9992 at 12:00 ET. The total volume was 74,991,276.0 units, with a notional turnover of approximately $74,926,269.00 (calculated using average trade price of ~$1.00). Price appears to have moved within a narrow range, suggesting low volatility.

Structure & Formations

Price action for USDEUSDT over the past 24 hours has remained within a very tight range between 0.9992 and 0.9994, with minimal directional bias. This sideways movement may reflect market consolidation or uncertainty in peg stability. Notable doji patterns appear in the late evening (ET) hours, suggesting indecision among traders. No clear engulfing or reversal patterns are visible, and the price seems to have failed to break above or below the established range.

Moving Averages

On the 15-minute chart, the 20-period and 50-period moving averages remain nearly flat near 0.9993, aligning with the tight price range. Over the daily chart, the 50, 100, and 200-period moving averages are closely aligned, reinforcing the sideways trend. The price remains above all key moving averages, indicating short-term stability but no strong bullish momentum.

MACD & RSI

The MACD remains near the zero line, with very low histogram bars and a flat signal line, reflecting the lack of momentum. RSI oscillates narrowly between 50 and 55, consistent with consolidation and lacking overbought or oversold readings. These indicators suggest the pair may continue to trade in a neutral band without a clear directional bias.

Bollinger Bands

Bollinger Bands show minimal expansion over the 24-hour period, with the upper and lower bands tightening around the moving average. Price remains within the bands without touching the boundaries, indicating low volatility. This contraction could precede a breakout if traders begin to commit to a direction, but current behavior suggests continued consolidation.

Volume & Turnover

Volume remains consistent across the 24-hour window, with no significant spikes or divergences. Notional turnover shows similar behavior, with a slight increase observed around the 00:00–01:00 ET period but not enough to trigger a clear price reaction. Volume appears to confirm the consolidation pattern, as large volumes are not seen on price breakouts.

Fibonacci Retracements

Applying Fibonacci retracements to the recent 15-minute swing from 0.9992 to 0.9994, the 38.2% and 61.8% levels are at 0.9993 and 0.9993, respectively. These levels have served as minor support and resistance zones, but no decisive bounces or breaks are evident. On the daily chart, retracement levels align with the same 0.9992–0.9994 range, suggesting limited room for directional movement.

Backtest Hypothesis

A potential backtest strategy could focus on detecting Doji-Star patterns within the tight range as a precursor to breakout attempts. If confirmed by volume spikes or divergence in the RSI, these could signal short-term volatility. Given the pair’s low volatility and high liquidity, this approach might be viable for intraday traders. However, the lack of strong trend formation makes this strategy more speculative than directional. A key challenge lies in avoiding false signals amid consolidation.