Market Overview for Ethereum Name Service/Tether (ENSUSDT) – October 9, 2025

• ENSUSDT traded in a 24-hour range of $20.40–$21.55, closing near key support at $20.69.
• Momentum shifted from bullish to bearish mid-day as RSI dropped below 30 and volume spiked.
• Volatility expanded sharply after 14:45 ET with a 56,000+ unit volume move into the $20.35 support level.
• Price rejected strong resistance at $21.55 and $21.33, confirming bearish bias.
• Downturn saw 1903.34 volume at the $20.60 pivot, signaling short-term consolidation potential.

Ethereum Name Service/Tether (ENSUSDT) opened at $20.99 on October 8, 2025, reaching a high of $21.60 before closing at $20.69 as of 12:00 ET on October 9. The 24-hour notional volume totaled 108,653.11, while the turnover reached $2,308,937.72, with sharp declines in both metrics observed after 14:45 ET. The pair has shown bearish momentum after failing to hold above $21.33 and $21.55, key resistance levels.

Structure & Formations

Price developed a clear bearish bias with multiple rejection patterns at $21.55 and $21.33, most notably a bearish engulfing pattern at 00:15 ET where it closed $0.09 below open. A large bearish candle at $20.88–$21.38 between 00:00 and 03:00 ET marked a sharp reversal. Later, a doji at $20.60–$20.62 at 14:45 ET signaled exhaustion in the downtrend. Key supports at $20.68–$20.72 and $20.40–$20.42 were tested, with a potential consolidation forming above $20.40.

Moving Averages

On the 15-minute chart, price closed below the 20 and 50-period moving averages, reinforcing bearish bias. The 50-period line sits at $20.78, acting as a dynamic resistance. On the daily chart, the 50, 100, and 200-period EMAs align near $20.55–$20.70, with price currently between the 100 and 200-period lines, suggesting short-term uncertainty. A break below $20.40 could trigger a deeper correction.

MACD & RSI

The MACD line crossed below the signal line at 00:30 ET, confirming the bearish trend. RSI fell below 30 by 01:45 ET and remained there through the end of the 24-hour period, indicating oversold conditions. However, divergence between price and RSI suggests weakening bear momentum, hinting at a possible near-term rebound from $20.40–$20.50.

Bollinger Bands

Volatility expanded significantly after 14:45 ET, with the 20-period Bollinger Bands widening to $0.19 from a mid-day range of $0.07. Price closed near the lower band at $20.69, suggesting oversold conditions. A retest of the upper band at $20.85–$20.90 is likely as the bands contract in the coming hours.

Volume & Turnover

Volume spiked sharply after 14:45 ET with a 36,634.28 unit move into the $20.35 level, confirming bearish strength. Turnover also surged during this period, reaching $765,536.88. The volume and price action diverged slightly in the morning, as price dropped but volume remained moderate, suggesting a potential false break. However, the late-day divergence with RSI and price action confirmed a stronger bearish shift.

Fibonacci Retracements

Applying Fibonacci to the recent swing from $20.40 to $21.60, the 61.8% level is at $20.72, which was tested and held between 04:30 and 05:30 ET. The 38.2% level at $20.90 is now acting as a resistance. On the daily chart, the 50% retracement of the larger bear trend is at $20.55, coinciding with the 100-period EMA, which may become a key consolidation level.

Backtest Hypothesis

Given the recent bearish momentum and confirmed support at $20.40–$20.50, a backtest could be constructed to enter long positions on a close above the 20-period moving average, with a stop-loss below the last swing low and a target aligned with the 38.2% Fibonacci level. A short position could be triggered on a close below the 100-period EMA, with a stop above the last swing high and a target at the 61.8% Fibonacci level. This approach leverages both trend and retracement signals to capture potential consolidation or continuation moves.