Market Overview: Ethereum/Tether (ETHUSDT) 24-Hour Summary for 2025-09-23

• ETHUSDT opened at $4177.0, reached a high of $4229.03, a low of $4114.39, and closed at $4181.01 as of 12:00 ET.
• Price action featured a sharp selloff after 19:45 ET, with a low of $4124.97 before a recovery attempt.
• Momentum shifted mid-day, with RSI hitting overbought levels in the afternoon before a bearish correction.
• Volume spiked significantly around 20:00 ET and 14:15 ET, coinciding with key price swings.
• Volatility expanded during the selloff, with Bollinger Bands widening, suggesting increased market uncertainty.

Ethereum/Tether (ETHUSDT) opened at $4177.0 on 2025-09-22 at 12:00 ET, hit a high of $4229.03, a low of $4114.39, and closed at $4181.01 as of 12:00 ET on 2025-09-23. Total volume over the 24-hour period was 352,343.45 ETH, with a notional turnover of $146,331,540.19.

Structure & Formations

Price action showed a bearish engulfing pattern around 19:45 ET when ETHUSDT broke below $4155.32 after forming a small bullish consolidation. This was followed by a sharp drop to $4124.97 by 20:00 ET. A key support area was retested between $4141.34 and $4153.54, with mixed follow-through. A morning rally pushed prices above $4200, forming a bullish divergence in RSI, but the rally lacked follow-through volume, suggesting caution.

A notable doji formed at 00:000000 ET, signaling indecision after a recovery from the overnight lows. The price found resistance at $4200–$4205, bouncing back to test previous support. A key Fibonacci retracement level at 61.8% (around $4170–$4175) acted as a minor support in the afternoon.

Moving Averages

On the 15-minute chart, the 20-period and 50-period SMAs crossed over late morning and again in the afternoon, with the 50SMA crossing below the 20SMA, signaling bearish momentum. The 50-period SMA sat at $4195, and the 20-period at $4201. On the daily chart, the 50- and 200-period SMAs showed a bearish crossover, with price currently below both, reinforcing short-term bearish bias.

MACD & RSI

MACD showed a bearish crossover in the late afternoon as prices fell toward $4140, with bearish histogram bars expanding during the 19:45–20:00 ET selloff. RSI reached overbought territory above 70 in the morning, then fell into oversold territory below 30 during the early evening selloff. A weak bearish divergence was seen in RSI during the afternoon rally, suggesting potential exhaustion in the bullish move.

Bollinger Bands

Bollinger Bands expanded significantly during the selloff between 19:45 and 20:00 ET, indicating increased volatility. ETHUSDT traded near the lower band during the 20:00–20:30 ET period, suggesting oversold conditions. Price subsequently moved closer to the middle band as volatility subsided. The band contraction around midday hinted at a potential breakout, but the rally failed to confirm strong follow-through.

Volume & Turnover

Volume surged around 14:15 ET and 20:00 ET, coinciding with sharp price swings. The 14:15 ET spike was a bearish confirmation of the price drop from $4198.29 to $4185.19, while the 20:00 ET spike aligned with the break of key support at $4155.32. Notional turnover mirrored volume trends, with higher turnover in the bearish moves. A volume divergence was noted in the mid-morning rally to $4200, where volume was relatively weak despite the price increase.

Fibonacci Retracements

Fibonacci levels played a key role in identifying key levels of interest. The 61.8% retracement level of the morning rally (from $4181.01 to $4229.03) sat near $4195–$4200 and acted as resistance during the afternoon. A retest of the 38.2% level ($4185–$4187) occurred late morning but failed to hold. On the daily chart, the 50% retracement of the recent bearish trend remains a watchpoint.

Backtest Hypothesis

For a potential backtesting strategy, consider a trend-following approach using a 50-period SMA crossover with RSI as a filter. A long entry could be triggered when price crosses above the 50-period SMA and RSI confirms above 40, while a short entry could be triggered on a bearish crossover with RSI below 60. Stop-loss levels could be set at key Fibonacci support/resistance levels, with take-profit targets aligned to Bollinger Band expansions or breakout targets. This setup could be tested over the past week to assess its viability in this volatile environment.