Market Overview for Ethereum Name Service/Tether (ENSUSDT)

• Price declined from $20.21 to $19.70 over 24 hours, with a consolidation phase in the final 6 hours.
• Volatility surged during the 15:45–22:45 ET window, with a notable bearish breakout below key support at $19.91.
• High volume confirmed the downward move, while RSI approached oversold levels, hinting at possible near-term buying interest.
• Bollinger Bands widened during the drop, and price closed near the lower band, suggesting a potential reversal.
• Fibonacci retracement levels at $19.81 and $19.69 appear to have acted as key short-term barriers.

Ethereum Name Service/Tether (ENSUSDT) opened at $20.20 on 2025-09-25 12:00 ET, reached a high of $20.21, and fell to a low of $19.70 by 2025-09-26 12:00 ET, closing at $19.68. The total 24-hour volume was 420,224.08 and the notional turnover was approximately $8.25 million.

Structure & Formations

The price action over the past 24 hours showed a clear bearish bias, with a strong breakdown from the $20.00 level. Notable support levels were identified at $19.91 and $19.70, with the latter holding firm in the final hours. A bearish engulfing pattern formed at the start of the decline, followed by a doji near $19.70, suggesting potential exhaustion of the downward move. The price appears to have found a near-term floor, with potential for a bounce back into the $19.80–$19.90 range if buyers step in.

Moving Averages

On the 15-minute chart, the 20-period and 50-period moving averages both fell below the current price level, confirming the bearish momentum. On the daily chart, the 50-period and 100-period moving averages are converging, suggesting a possible retesting of the 200-period MA as a longer-term support line. The price is currently below the 200-period moving average, indicating a weak near-term trend, although the convergence of shorter-term moving averages could signal a potential turning point.

MACD & RSI

The MACD showed a bearish crossover and remained in negative territory, confirming the sustained downward pressure. RSI dipped into oversold territory below 30 in the final hours, signaling that the asset may be due for a short-term rebound. However, the divergence between price and RSI suggests caution — while oversold conditions may attract buyers, the depth and duration of the decline could extend bearish momentum if volume does not confirm a reversal.

Bollinger Bands

Bollinger Bands reflected heightened volatility, with the price trading near the lower band for much of the day. The band width expanded sharply during the breakdown phase, particularly from 17:00 to 20:00 ET, indicating increased market anxiety. The recent consolidation near the lower band may hint at a potential bounce back toward the mid-band, though a sustained break below current levels would signal a new short-term trend.

Volume & Turnover

Volume and turnover spiked during the initial breakdown and again in the 17:00–19:00 ET window, confirming the bearish move. However, volume declined during the consolidation phase near $19.70, suggesting a lack of follow-through from sellers. A divergence between price and volume in the final hours may indicate that further downside is likely to be met with stronger buying interest, especially if the price retests the $19.70 level.

Fibonacci Retracements

Applying Fibonacci levels to the recent 15-minute swing (from $20.21 to $19.70), the 38.2% retracement level at $19.89 and the 61.8% level at $19.94 have acted as short-term resistance points. A move above $19.94 could signal a retest of the $20.00 psychological level. On the daily chart, the 61.8% retracement from the recent major swing is at $19.70, currently acting as a key support level for the pair.

Backtest Hypothesis

Given the bearish momentum confirmed by MACD and RSI divergence, a potential backtesting strategy could involve a short entry on a retest of the $19.70–$19.75 support range, with a stop above the 19.91 level. A target could be set near the 61.8% Fibonacci retracement at $19.56, with a trailing stop once the price breaks below $19.60. This approach leverages both technical structure and confirmed momentum signals, making it suitable for a risk-managed short-term bearish position.