Market Overview: Ethereum Name Service/Tether (ENSUSDT) – 24-Hour Technical Summary

• ENSUSDT declined by ~4.6% in 24 hours, closing near support at $15.48 after a sharp pullback.
• A bullish bounce emerged overnight, but momentum remains weak, with RSI near neutral.
• Volatility spiked as prices fell, with volume surging over 14,000 units at the session low.
• Bollinger Bands widened as price tested the lower band, suggesting potential for a reversal.
• A large bearish engulfing pattern formed during the midday slump, signaling short-term bearish bias.

Ethereum Name Service/Tether (ENSUSDT) opened at $15.87 on 2025-10-28 at 12:00 ET, reached a high of $16.01, and closed at $15.72 by 12:00 ET on 2025-10-29. The pair traded within a bearish channel, forming a significant pullback from earlier intraday highs. The total volume across 24 hours reached 132,629.36, while notional turnover summed to approximately $2,039,195. Key support held at $15.48 and $15.55, with resistance forming near $15.72–$15.78.

Structure & Formations

Price action unfolded in a bearish fashion following a midday breakout attempt to $16.01, which failed to hold. A bearish engulfing pattern formed at the session high, confirming a reversal. A large bearish candle on the 15-minute chart, closing at $15.9, confirmed the breakdown. Price continued lower into the overnight session, forming a strong support cluster between $15.48 and $15.55. A bullish bounce followed, but momentum failed to break above $15.72, suggesting consolidation ahead.

Moving Averages

Short-term momentum favored sellers, as the 20-period and 50-period moving averages on the 15-minute chart were bearishly aligned. Daily moving averages (50/100/200) also remained neutral to bearish, with ENSUSDT trading below the 100-day MA at ~$15.75. A retest of the 20-day MA at ~$15.67 could trigger a bounce, but confirmation is needed above $15.75 for a more convincing reversal.

MACD & RSI

The RSI dipped below 50, reaching 47–48 during the overnight sell-off, suggesting oversold conditions but without a strong reversal. The MACD line turned negative in the early hours, with the histogram shrinking as price stabilized. A weak bearish crossover occurred in the early AM, followed by a tentative bullish divergence in the last few hours. Momentum remains neutral to slightly bullish, though not strong enough to signal a reversal.

Bollinger Bands

Bollinger Bands expanded significantly after the sharp decline from $16.01 to $15.48, indicating heightened volatility. Price spent time near the lower band during the overnight dip but bounced back into the middle band. A consolidation phase may follow as the bands contract again. A break above the upper band would suggest a short-term bullish reversal, though the near-term trend remains bearish.

Volume & Turnover

Volume spiked sharply during the bearish breakdown, with a 15-minute candle at $15.48 showing ~14,237 units traded. This coincided with the largest notional turnover of ~$220,000. Price and volume acted in alignment during the decline, suggesting conviction in the bearish move. However, a volume spike at $15.52 and $15.55 during the overnight bounce hinted at initial buyer interest, though not enough to drive a sustained rally.

Fibonacci Retracements

Applying Fibonacci to the recent 15-minute swing from $15.83 to $15.48, key retracement levels at 38.2% (~$15.63) and 61.8% (~$15.75) became relevant. Price tested $15.63 and $15.69 in the last few hours, suggesting possible short-term support. A break above $15.75 would align with the 61.8% level and could signal a more meaningful bounce, particularly if confirmed by volume and RSI.

Backtest Hypothesis

The backtest strategy described involves detecting a Bullish Engulfing pattern to trigger a 3-day holding trade. While we were unable to generate the signal series due to a technical error, the ENSUSDT chart shows a strong example of the pattern in the overnight session. A properly implemented strategy would have entered a long position upon confirmation and held for three days. Given the current context of moderate volatility and a potential bounce in the near term, a functional backtest could provide insight into the viability of the pattern in this market environment. Future testing would benefit from resolving the data issue and validating the pattern logic on similar setups.