Market Overview: Ethereum/Dai (ETHDAI) on 2025-09-17

• ETHDAI traded in a 24-hour range of 4,450.07 to 4,548.47, closing near the upper end at 4,494.23.
• Key 15-minute candlestick patterns, including a bullish engulfing and a bearish harami, appeared amid range-bound consolidation.
• RSI hovered near overbought territory (60–70) during rally phases, while MACD showed positive divergence at the end of the session.
• Bollinger Bands expanded during sharp moves above 4,500, with price testing the upper band multiple times.
• Volume remained moderate throughout, with notable spikes during the late-night rally to 4,548.47.

Ethereum/Dai (ETHDAI) opened at 4,450.07 on 2025-09-16 at 12:00 ET and closed at 4,494.23 on 2025-09-17 at 12:00 ET, reaching a high of 4,548.47 and a low of 4,450.07. Total 24-hour volume was 59.74 ETH, and notional turnover amounted to 267,971.29 DAI.

Structure & Formations

ETHDAI’s price action over the 24-hour period displayed a series of bullish and bearish candlestick patterns, suggesting a tug-of-war between buyers and sellers. A strong bullish engulfing pattern emerged around 21:15 ET as ETHDAI broke above 4,500. Later, at 06:30 ET, a bearish harami appeared as price reversed from a high of 4,529.70 to close at 4,521.53. A key 15-minute support level formed at 4,484.79, where the price found a floor multiple times during the session, and a resistance zone developed near 4,511.84.

Moving Averages

On the 15-minute chart, the 20-period and 50-period moving averages converged near 4,500, providing a dynamic support and resistance reference. Price remained above both averages for most of the session, especially after 02:15 ET. On the daily chart, the 50-period SMA was around 4,500, with the 100 and 200-period lines slightly lower. ETHDAI’s close at 4,494.23 suggests a potential pullback from the 50-day MA, indicating cautious bearish sentiment in the short term.

MACD & RSI

The MACD line crossed above the signal line in the early hours of the session, suggesting growing bullish momentum. By 04:00 ET, the histogram had expanded, showing strong buying pressure. However, after a sharp rally to 4,548.47, the MACD began to show bearish divergence by 09:00 ET. The RSI oscillated between 55 and 70 throughout the day, with overbought conditions observed between 02:15 ET and 04:30 ET.

Bollinger Bands

ETHDAI’s price remained within the Bollinger Band range throughout the session, with the 15-minute bands expanding during periods of volatility, such as the late-night rally. Price tested the upper band multiple times between 02:15 ET and 04:30 ET before retreating. The lower band acted as support in the early morning, with a bounce observed at 4,484.79. The narrowing of the bands in the morning suggested consolidation before the breakout, while the final 15-minute close near the middle band hinted at potential continuation.

Volume & Turnover

Volume was moderate throughout, with notable spikes during the 02:15 ET to 04:30 ET rally and again around 05:15 ET as price surged above 4,500. The highest single candle volume of 1.0635 ETH occurred at 05:15 ET, coinciding with a high of 4,489.88. Notional turnover mirrored the volume profile, with a total of 267,971.29 DAI traded across the 24-hour period. There was no significant divergence between price and volume, suggesting that the recent rallies were supported by strong buying activity.

Fibonacci Retracements

Applying Fibonacci levels to the key 15-minute swing from 4,450.07 to 4,548.47, price found support at the 61.8% retracement level around 4,490.79 and resistance at the 38.2% level near 4,511.84. On the daily chart, the 61.8% retracement of a recent major move sits at 4,450.07, aligning with the low of the session and indicating a strong support area.

Backtest Hypothesis

Based on the observed price structure and key technical indicators, a potential backtest strategy could focus on breakout trading using the 50-period moving average as a trigger. A long entry could be initiated when price closes above the 50-period MA on the 15-minute chart, with a stop-loss placed below the most recent 15-minute candle low. A take-profit target could be set at the 38.2% Fibonacci retracement level of the current swing. Given the moderate volume and confirmed bullish momentum around the 50-period MA, this strategy could have provided a risk-reward profile of approximately 1:1.5, especially if executed between 02:15 ET and 04:30 ET when volatility and MACD momentum were strongest.

Looking ahead, ETHDAI could see renewed upside if buyers commit above 4,511.84, but a breakdown below 4,484.79 could open the door to a test of 4,450.07. Investors should remain cautious of potential bearish divergences in MACD and RSI and watch for volume confirmation during key price levels.