Market Overview for Ethereum/Tether on 2025-12-24

Summary
• Ethereum/Tether tested key support near $2910 but rebounded with volume confirmation.
• Momentum reversed in late session, with RSI showing oversold recovery into neutral territory.
• Volatility expanded during late ET hours, pushing price above 20-period moving average.
• Bollinger Bands widened, suggesting increasing uncertainty in short-term price direction.
• Volume surged during the selloff but failed to confirm a breakdown below $2920.

Ethereum/Tether (ETHUSDT) opened at $2949.7 on 2025-12-23 at 12:00 ET, reached a high of $2988.2, touched a low of $2888.7, and closed at $2940.45 on 2025-12-24 at 12:00 ET. Total volume for the 24-hour window was 221,345.53 ETH, with notional turnover amounting to approximately $651,773,884.

Structure and Key Levels

Price found critical support at $2910–$2920 during the early morning hours, with a bullish reversal pattern forming near that range. A bearish engulfing candle emerged during the initial drop, but the price failed to break below key psychological levels, indicating potential short-term resilience. Resistance appears to be consolidating between $2945 and $2965, with the 20-period moving average (calculated from 5-minute data) crossing above that level during the late ET rebound.

Trend and Momentum

The RSI moved into oversold territory during the selloff, reaching as low as 27 before recovering to 55 by the end of the session, suggesting a possible near-term bottoming process. MACD crossed above its signal line during the recovery phase, aligning with the bullish reversal and indicating rekindled buying momentum.

Volatility and Bands

Bollinger Bands expanded significantly during the selloff, with price dipping below the lower band before returning to the middle band by session’s end. The widening of the bands suggests a period of heightened uncertainty, and the reversion toward the middle band may indicate stabilizing sentiment.

Volume and Turnover

Volume spiked during the sharp decline from $2979.99 to $2910.49, reaching a peak of 17,022.68 ETH in a single 15-minute interval. However, price failed to follow through on the breakdown, suggesting potential distribution or a lack of conviction in the bearish move. Turnover also spiked during the selloff, reinforcing the strength of the move but without a sustained follow-through.

Fibonacci retracement levels applied to the recent 5-minute swing suggest key levels at 38.2% ($2957) and 61.8% ($2942). Price appears to have found a temporary floor near the 61.8% level, which could act as a support in the short term.

Looking ahead, the market may consolidate near current levels, with a potential test of $2945–$2950 as a near-term target. However, there remains a risk of renewed volatility if volume increases again and key support levels are tested. Investors should monitor the 20-period moving average and RSI for signs of overbought conditions before committing to long positions.