Market Overview for Ethereum Name Service/Tether (ENSUSDT): September 19, 2025

• ENSUSDT declined 5.8% over 24 hours, closing at 23.55 vs. 24.35 open.
• Volatility surged with a 24.63 high and 23.32 low, indicating bearish exhaustion.
• RSI (14) dipped below 30, suggesting oversold conditions, while MACD showed bearish divergence.
• Volume increased in the latter half of the day, confirming downward momentum.
• A bearish engulfing pattern formed near the 24.35–24.42 level, reinforcing short-term bearish bias.

Overview and Key Metrics

Ethereum Name Service/Tether (ENSUSDT) opened at 24.35 on September 18 at 12:00 ET, reaching a high of 24.63 before closing at 23.55 at 12:00 ET on September 19. The pair traded as low as 23.32, reflecting heightened volatility. Total volume over the 24-hour period was 234,852.33, with a notional turnover of approximately $5.53 million.

Structure & Formations

The 15-minute chart shows a bearish breakdown from the 24.35–24.42 price range, culminating in a bearish engulfing pattern that confirmed a short-term reversal. A doji appeared near 24.05–24.08, signaling indecision. Key support levels emerged at 24.00, 23.75, and 23.50, while resistance levels remain at 24.50 and 24.75. A bearish flag pattern formed between 24.27 and 24.40, reinforcing downward bias.

Moving Averages

On the 15-minute chart, the 20-period and 50-period moving averages both crossed below price action, reinforcing the bearish momentum. On the daily chart, the 50, 100, and 200-period moving averages show a bearish alignment, with the 50-period line below the 200-period line, indicating a longer-term bearish trend.

MACD & RSI

The MACD line crossed below the signal line in the afternoon, forming a bearish crossover, while the histogram showed a consistent contraction in bullish momentum. RSI (14) dipped below 30 in the evening, indicating oversold conditions, though divergence between price and RSI suggests caution in interpreting this as a reversal signal.

Bollinger Bands

Volatility expanded significantly, with Bollinger Bands widening in the late afternoon and early evening. Price action dropped below the lower band for a short period, signaling a temporary overbought condition. However, this was followed by a rapid contraction, indicating a potential consolidation phase ahead.

Volume & Turnover

Volume and turnover both surged after 19:00 ET, especially in the 21:00–23:00 ET range, confirming the bearish move below 24.35. Divergence between price and volume was observed in the early morning hours, where price continued to fall despite a slight decline in volume. This suggests a potential exhaustion of short-term bearish momentum.

Fibonacci Retracements

The most recent 15-minute swing (24.63–23.68) showed key retracement levels at 24.24 (38.2%) and 23.99 (61.8%). Price action found support near 23.99 before continuing lower, indicating a possible bounce or consolidation around this level in the near term. Daily Fibonacci levels from the 24.63 high and 23.32 low highlight 24.00 and 23.50 as critical support levels for a potential rebound.

Backtest Hypothesis

The backtesting strategy focuses on combining RSI divergence and Bollinger Band contractions to identify high-probability reversal points. For ENSUSDT, the RSI bottoming at 29.5 and the Bollinger Band contraction observed around 23.95–24.00 could be used as a buy trigger, with a stop below 23.80 and a target at 24.30. This approach could be applied to 15-minute and 1-hour timeframes, using volume confirmation as a filter. While the strategy has shown potential in volatile markets like ENSUSDT, it requires careful calibration for varying volatility regimes.