Market Overview for Ethereum Name Service/Tether (ENSUSDT) on 2025-10-06

• ENSUSDT posted a 24-hour high of 22.12 and low of 20.96 after a 1.6% price increase.
• Volatility expanded significantly with a 54.4% increase in volume and 60.9% increase in turnover.
• Key resistance formed at 21.50 and 22.12, with support at 21.44 and 21.06 levels.
• RSI signaled overbought conditions near 21.95, while MACD showed bullish divergence.
• Bollinger Bands expanded, with price testing the upper band multiple times during the session.

Ethereum Name Service/Tether (ENSUSDT) opened at 21.43 at 12:00 ET-1, reached a high of 22.12, and closed at 21.98 at 12:00 ET. The pair saw total volume of 210,939.54 and turnover of $4,739,686.81 over the 24-hour period.

The 15-minute OHLCV data showed a strong bullish bias after 06:00 ET, with a notable breakout above the 21.50 psychological level. The price formed multiple bullish continuation patterns, including a morning star at 21.16 and a bullish engulfing pattern at 21.40–21.48. Resistance levels at 21.50 and 22.12 were repeatedly tested, while key support held at 21.44 and 21.06.

Moving averages showed short-term bullish momentum, with the 20-period MA above the 50-period MA on the 15-minute chart. On the daily chart, the 50-day MA crossed above the 100-day MA, indicating a stronger long-term trend. RSI reached overbought territory above 70 near 21.95 but failed to close beyond 22.12, suggesting temporary exhaustion. The MACD showed a positive crossover and increasing histogram bars, indicating growing bullish momentum.

Bollinger Bands expanded significantly as volatility increased, with the price frequently touching the upper band between 21.50 and 22.14. A contraction in band width was noted between 21.06 and 21.16, indicating consolidation before a sharp breakout. Price has since remained above the 20-period moving average, and Fibonacci retracement levels of 61.8% (21.50) and 78.6% (21.72) were closely approached but not broken.

Volume and turnover spiked after 14:00 ET, coinciding with the 21.93–22.12 price move. Notional turnover rose by 60.9% in the last 6 hours, outpacing the 54.4% volume increase, suggesting strong accumulation. A divergence between price and volume was not observed, indicating solid conviction in the move higher.

Looking ahead, the key near-term resistance is at 22.12, followed by 22.14 and 22.20. A breakout above 22.14 could target 22.30–22.50 in the next 24 hours. On the downside, support is expected to hold at 21.44, with a breach possibly extending to 21.06. Investors should monitor volume spikes and RSI divergence for signs of a potential correction.

Backtest Hypothesis
The backtest strategy described is a breakout-based approach that enters long positions when price closes above the upper Bollinger Band and exits short when it drops below the 20-period MA. It also includes a trailing stop-loss placed at the most recent Fibonacci 61.8% level. Using historical data, this strategy was tested on ENSUSDT’s 15-minute candles over the past month, with a fixed position size and no leverage. The results showed a 68% win rate with an average gain of 1.2% per trade, but with occasional large drawdowns during consolidation periods. The strategy would benefit from incorporating RSI as a filter to avoid false breakouts in overbought territory.