Market Overview for Ethereum/Tether (ETHUSDT) – 24-Hour Analysis

• ETHUSDT opened at $3870.26, traded between $3831.55 and $4026.39, and closed at $3888.91 with heavy volume
• A sharp late-session rally pushed ETH/USDT above 3900, forming a bullish harami and a rising wedge breakout
• RSI overbought at 68, while MACD crossed above zero with strong positive divergence suggesting possible short-term momentum

Ethereum/Tether (ETHUSDT) opened at $3870.26 on 2025-10-23 12:00 ET and closed at $3888.91 as of 2025-10-24 12:00 ET. The pair reached a high of $4026.39 and a low of $3831.55, with a 24-hour volume of 248,820.47 ETH and a notional turnover of $964,440,696.

Over the last 24 hours, ETHUSDT displayed a volatile, range-expanding pattern with a late surge into overbought territory. Key support levels emerged around $3850–$3860, with price testing this zone multiple times before breaking out north. The formation of a bullish harami pattern and a rising wedge breakout near $3900 signaled a potential continuation of higher prices, though a retest of the breakout level could result in consolidation or reversal.

MACD showed a bullish crossover above zero, with a histogram expanding into positive territory, while RSI edged toward overbought levels, reaching 68. Bollinger Bands indicated a moderate expansion, with price hovering near the upper band in the last 8 hours. Volume surged during the breakout, particularly between 04:45 ET and 05:00 ET, confirming the upward move. However, a divergence between RSI and price during the final 4 hours suggests caution for a potential pullback or consolidation before a new bullish thrust.

Fibonacci retracement levels on the key $3831.55–$4026.39 swing identified $3932.76 (38.2%) and $3896.30 (61.8%) as critical zones. Price held above the 61.8% level, suggesting a possible continuation above $4000 if volatility continues.

The market appears to be in a high-volatility phase, with momentum indicators showing a mixed but cautiously bullish outlook. Traders may watch for a retest of the $3900–$3920 range and a break above $4000 for confirmation of a sustained bullish trend. However, a pullback below $3850 could trigger short-term bearish pressure. Investors are advised to monitor volume and divergence in RSI over the next 24 hours to assess the strength of the current move.

Backtest Hypothesis

The described backtesting strategy involves applying RSI-based signals to assess potential entry and exit points. Given today’s ETHUSDT data, a hypothetical RSI strategy could have triggered a long signal as RSI crossed above 50 during the early breakout phase and confirmed further as it approached overbought levels. A potential exit could have been triggered during the final RSI price divergence, aligning with a sell signal. This aligns with the daily chart’s momentum patterns and volume confirmation. For a robust backtest, the strategy could be tested using daily and intraday (e.g., 15-minute) RSI levels across a broader time frame of ETH/USDT.