Market Overview: Ethereum/Tether (ETHUSDT) 24-Hour Candlestick Analysis

• ETHUSDT opened at $4494.68, reached a high of $4639.90, a low of $4412.00, and closed at $4599.34 by 12:00 ET.
• Strong bullish momentum followed by consolidation in the final 6 hours suggests mixed near-term sentiment.
• Volatility expanded during midday rally, with a sharp volume spike during the $4412–$4639 move.
• RSI and MACD show overbought conditions, hinting at potential pullback risk.
• Price remains within Bollinger Bands but has tested and retested key resistance levels multiple times.

Ethereum/Tether (ETHUSDT) opened at $4494.68 on 2025-09-17 12:00 ET and closed at $4599.34 the next day. The pair reached a high of $4639.90 and a low of $4412.00. Total trading volume over the 24-hour period was 273,795.82 ETH, with notional turnover amounting to $1,255,340,143.20.

Structure & Formations

The 15-minute OHLCV data reveals a complex price structure with multiple pivot points and pattern repetitions. A notable bearish engulfing pattern occurred at $4589–$4580, signaling potential short-term correction. A key support level appears around $4570–$4575, where price found a floor on three separate occasions. Resistance was tested at $4600–$4610 multiple times, with a failed break above $4639 during the midday session indicating possible exhaustion in the bullish momentum.

A bullish reversal pattern formed at $4439–$4443, followed by a measured move up toward $4588, suggesting a temporary base of accumulation. A long-legged doji at $4605 and a bullish harami at $4608–$4595 further indicate indecision and potential pullback. Key Fibonacci retracement levels at 38.2% ($4582.82) and 61.8% ($4563.16) from the $4412–$4639 swing were tested but not decisively broken.

Moving Averages & Bollinger Bands

A 20-period and 50-period EMA on the 15-minute chart crossed above $4500, with the 20-period line acting as a dynamic support during the afternoon. On the daily chart, the 50-period EMA at $4535 and 200-period EMA at $4550 suggest ETHUSDT is testing key psychological levels ahead of potential directional clarity.

Volatility, as measured by Bollinger Bands, expanded during the midday rally, with the top band reaching $4650. Price touched the upper band briefly before pulling back, indicating potential resistance clamping. The narrowing of the bands in the late afternoon suggests a period of consolidation ahead of a possible breakout.

MACD & RSI

The MACD line crossed above the signal line in the early morning, confirming a short-term bullish momentum phase. However, the histogram began to contract by the late afternoon, signaling weakening momentum as price approached the $4600–$4620 range. The RSI reached overbought territory (above 70) during the $4412–$4639 rally, suggesting the potential for a pullback or consolidation period. A divergence between the RSI and price occurred during the 15-minute session from 09:00–10:15 ET, with RSI peaking before price, hinting at a possible short-term top.

Volume & Turnover

Volume spiked during the 18:00–19:00 ET period as price dropped to $4412, with a volume of 18,287.541 ETH. This large volume confirmed the break of support and initiated a bounce that led to a 27% recovery over the next 3.5 hours. By contrast, the final 3 hours of the 24-hour window showed a reduction in volume, indicating fading conviction. Notional turnover aligned with price surges, especially during the $4412–$4639 move, with the highest turnover occurring during the 18:00–19:00 ET session at $44.3 million.

Fibonacci Retracements

Applying Fibonacci retracement levels to the $4412–$4639 swing, ETHUSDT tested the 38.2% ($4582.82) and 61.8% ($4563.16) levels multiple times, suggesting these areas are critical for near-term direction. During the 15-minute session from 21:45–22:00 ET, price approached the 61.8% level and rejected it, signaling possible exhaustion in the bearish momentum. The 23.6% retracement at $4602.36 was also a key pivot, with price bouncing from this level twice.

Backtest Hypothesis

The backtest strategy described focuses on breakout trading using a 15-minute timeframe with Fibonacci levels and RSI confirmation. By entering long positions on a close above the 61.8% Fibonacci retracement level and short positions on a close below the 38.2% level—confirmed by RSI divergence or oversold/overbought conditions—the strategy aims to capture directional bias in a high-volatility asset like ETH. In the current dataset, the strategy would have triggered long entries near $4563.16 with a stop just below $4550 and a target near $4600–$4610. The RSI divergence observed during the 09:00–10:15 ET period could have served as an early exit signal for longs. Given the recent consolidation and divergences, the strategy would now favor a wait-and-see approach until directional clarity is established.