Market Overview for Ethereum Name Service/Tether (ENSUSDT) – November 12, 2025

Summary• Ethereum Name Service/Tether (ENSUSDT) dropped 6.7% over 24 hours with a bearish close near key support.
• Volatility expanded mid-day, with volume surging 140% above the 20-day average.
• Momentum indicators signaled oversold territory, hinting at potential short-term bounce.

ENSUSDT opened at $14.44 on 12:00 ET − 1 and closed at $13.76 by 12:00 ET, reaching a high of $14.58 and a low of $13.68. Total 24-hour volume reached 167,150.81, with $2,408,182.39 in notional turnover. The pair experienced a clear bearish bias, with strong selling pressure evident in mid- to late-session data.

Structure & Formations

Price action over the last 24 hours revealed a breakdown below key support levels at $14.30 and $14.10, with a strong Bearish Engulfing pattern forming near $14.40. A large bearish candle on the daily chart confirmed the short-term reversal. Fibonacci retracement levels showed the current price near the 61.8% retracement of the recent upward leg, suggesting a potential short-term bottoming process.

Moving Averages

On the 15-minute chart, the 20-period MA is bearishly aligned with the 50-period MA, reinforcing the downtrend. On the daily chart, ENSUSDT closed below all three key moving averages (50, 100, 200-day), indicating continued bearish momentum. The cross of the 50-period MA below the 100-period MA suggests worsening short-term sentiment.

MACD & RSI

MACD showed a bearish crossover, with the histogram contracting as momentum waned. RSI has entered oversold territory (<30), suggesting the potential for a near-term bounce. However, the divergence between RSI and price suggests caution—oversold conditions do not guarantee a reversal.

Bollinger Bands

Bollinger Bands expanded mid-day as volatility surged, with price closing below the lower band. This confirms a continuation of bearish momentum and raises the possibility of a bounce within the 14.00–14.30 range. Traders should monitor the band width for signs of tightening, which may precede a reversal.

Volume & Turnover

Volume surged on the downward move, with a peak at $14.20 and a notable volume spike at the $13.90–$13.68 range. Notional turnover increased by ~140% compared to the 20-day average, confirming the strength of the bearish move. Price and turnover are aligned, indicating the sell-off was driven by genuine conviction, not just profit-taking.

Fibonacci Retracements

Applying Fibonacci retracements to the recent swing high at $14.58 and swing low at $13.68 shows the current close near the 61.8% level. This level could act as a magnet for short-term bounces, but a break below $13.68 would invalidate the bearish scenario and target $13.40 next. On the 15-minute chart, price appears to be consolidating near the 38.2% retracement of a minor rebound.

Backtest Hypothesis

The backtesting strategy leverages the Bearish Engulfing pattern as a sell signal, with positions held for up to 3 days. Over the period from January 1, 2022, to November 12, 2025, the strategy is designed to capitalize on short-term bearish reversals, particularly in a range-bound market. The use of a 3-day holding period ensures a balance between responsiveness to market shifts and avoiding premature exits. The strategy’s success depends on the accuracy of the engulfing pattern and the market’s ability to follow through on bearish signals.