Market Overview for Ethereum Name Service/Tether (ENSUSDT)

• ENSUSDT traded between $20.62–$21.22 over the past 24 hours with a bearish close near the 24H low.
• A bullish 15-minute reversal emerged in early ET hours but failed to hold above $20.97.
• Volume surged to 42,895.96 as prices neared key resistance levels, highlighting accumulation pressure.
• RSI hit overbought territory above 70 during the rally but closed back into neutral territory.
• Volatility expanded as prices breached Bollinger Bands on the 15-minute chart late in the session.

The Ethereum Name Service/Tether (ENSUSDT) pair opened at $20.75 on 2025-10-07 at 12:00 ET, reaching a high of $21.22 and a low of $20.62 before closing at $20.93 at 12:00 ET on 2025-10-08. Total volume over the 24-hour window was 260,957.27, with a notional turnover of approximately $5,454,192.16 (calculated using average price). The price action showed a strong but short-lived rally before consolidating in the final hours, suggesting a tug-of-war between bullish and bearish forces.

Structure & Formations

Key resistance levels emerged around $20.97–$21.02, where multiple candles closed with upper wicks after failed breakouts. A notable bullish engulfing pattern formed at $20.82–$20.87 early in the session, indicating a short-term bottoming process. Later, a bearish harami pattern developed at $21.00–$20.99, hinting at potential consolidation. A critical support level appears to be forming around $20.86–$20.82, where the price found repeated bids in the last six hours of the session.

Moving Averages

On the 15-minute chart, the 20-period and 50-period moving averages crossed near $20.77–$20.80, forming a golden cross early in the session that pushed prices higher. However, the 50-period MA has since turned downward, suggesting a bearish tilt in the short-term. Daily MA analysis shows the 50-period MA at $20.79 and the 200-period MA at $20.68, with the price above both, indicating a constructive bias but with caution due to recent bearish momentum.

MACD & RSI

The 15-minute MACD showed a bullish signal with a positive histogram during the morning rally, but it quickly flattened out, indicating waning momentum. RSI peaked near 72 before the pullback and currently trades at 57, suggesting a balanced market. A bearish divergence appeared on the 1-hour chart, where prices made a higher high but RSI did not, signaling potential exhaustion in the rally.

Bollinger Bands

Volatility expanded significantly in the last six hours, with the Bollinger Bands widening and the price oscillating between the upper and lower bands. The pair briefly touched the upper band during the $21.22 high and found support near the lower band at $20.82–$20.85. The recent price action appears to be testing the boundaries of a range, with the middle band at $20.90 serving as a potential pivot point.

Volume & Turnover

Volume spiked to 42,895.96 near the $21.22 high and dropped off as the price retreated, signaling a lack of follow-through buying. Notional turnover increased sharply during the morning and early afternoon, but it cooled in the final two hours of the session. The volume profile suggests accumulation is occurring around $20.85–$20.90, but bearish selling pressure remains strong above $20.97.

Fibonacci Retracements

A 38.2% Fibonacci retracement level at $20.93 and a 61.8% level at $20.85 coincided with key support levels in the final hours of the session. The price held above $20.85, suggesting these retracement levels are providing psychological support. On the daily chart, the 50% retracement level at $20.82 has become a focal point, with buyers stepping in as prices approached it.

Backtest Hypothesis

A potential backtest strategy involves entering a long position when price retests the 38.2% Fibonacci level with a bullish engulfing pattern confirmed by a closing above the 20-period moving average. A stop-loss could be placed below the 20.66 support level, with a take-profit target at the 20.97–21.02 resistance zone. This approach aligns with the observed price behavior and could be validated using historical data to measure win rate and risk-reward ratios.