Market Overview for Ethereum Name Service/Tether (ENSUSDT)

Summary
• Price action showed a bearish reversal pattern after reaching a 24-hour high of $14.53.
• RSI suggests moderate oversold conditions in the latter half of the session.
• Volume spiked during the early bearish leg but softened during price recovery.
• Price closed below key 20-period SMA, signaling bearish bias.

Ethereum Name Service/Tether (ENSUSDT) opened at $13.93 on 2025-11-07 at 12:00 ET, reached a high of $14.53, and closed at $13.61 by 12:00 ET on 2025-11-08. The pair traded with a total volume of 170,522.17 units and a total turnover of approximately $2,438,436.73 over the 24-hour window.

The price action displayed a clear bearish reversal structure, particularly during the late ET hours, with the formation of a bearish engulfing pattern. This coincided with a sharp volume increase of 7,327.46 units in the session leading to the close. A 20-period and 50-period SMA on the 15-minute chart showed ENSUSDT below both, indicating a continuation of the bearish trend. On the daily timeframe, the 50, 100, and 200-period SMAs are not available due to insufficient daily data but are expected to align with the recent bearish momentum.

MACD crossed into negative territory during the latter half of the session, confirming the bearish momentum. RSI dipped below 30 in the final hours, signaling oversold conditions, but failed to trigger a sustained rebound. Bollinger Bands reflected a moderate expansion in volatility during the early bearish move, with price closing near the lower band, reinforcing the bearish narrative. Fibonacci retracements identified key support levels at 38.2% (~$14.17) and 61.8% (~$13.82), which were both broken in the final hours of the session.

Backtest Hypothesis

To derive actionable insights, a backtesting strategy is proposed using RSI(14) for ENSUSDT. The current dataset lacks RSI due to symbol recognition issues, but once the symbol is confirmed or the price data is provided, the strategy will generate trade signals based on RSI crossings below 30 (oversold) and above 70 (overbought). These signals will be tested using a 3-day-hold approach to assess profitability, maximum drawdown, and win rate. This backtest will provide empirical evidence on whether overbought/oversold levels on RSI reliably predict short-term price reversals in this pair.