Market Overview for Ethereum/Tether (ETHUSDT)

Summary
• ETHUSDT declined 5.1% from $3063.41 to $3039.95, forming bearish engulfing patterns and testing $3040 support.
• Volume surged at $3025–$2907, indicating a potential breakdown with key resistance at $3054 and support at $3030.
• RSI oversold at ~30, suggesting possible near-term bounce, but bearish momentum persists with MACD below zero.

24-Hour Price and Volume Summary

Ethereum/Tether (ETHUSDT) opened at $3063.41 on 2025-12-06 at 12:00 ET and closed at $3039.95 on 2025-12-07 at 12:00 ET. The 24-hour high was $3066.61 and low was $2907.52. Total volume was 194,898.93 ETH, with a notional turnover of ~$591.3 million.

Structure and Candlestick Patterns

Price action over the 24-hour period showed a bearish bias, with a key bearish engulfing pattern forming around $3055–$3040. A long bearish candle on 2025-12-07 at 14:30 ET (2937.45) confirmed breakdown sentiment. A doji near $3040 in the final hours of the period suggests short-term indecision, but bears appear to control the short-term bias.

Trend and Moving Averages

On the 5-minute chart, the 20SMA and 50SMA crossed bearishly, reinforcing the downtrend. The daily chart suggests ETHUSDT is below its 50DMA and near the 100DMA, indicating a consolidation phase after a recent rally.

Momentum and Indicators

Relative Strength Index (RSI) reached oversold territory (~30), indicating potential for a bounce, but bearish momentum remains strong with MACD (12,26,9) staying below zero with bearish crossover. The MACD histogram is expanding, signaling sustained selling pressure.

Volatility and Bollinger Bands

Bollinger Bands expanded significantly during the breakdown phase, with the price breaking below the lower band at $3025. This expansion suggests increased volatility and a possible continuation of the downward move.

Volume and Turnover

Volume spiked sharply during the breakdown at $3025–$2907, with the largest notional turnover at 14:30 ET (~$185 million on 42,803.96 ETH traded). Price and volume moved in alignment during this phase, suggesting a strong bearish signal.

Fibonacci Retracements

On the 5-minute chart, the price found support at the 61.8% retracement level of the prior bullish swing (~$3030–$3055). On the daily chart, the 38.2% level at ~$3045 and 61.8% at ~$3030 appear critical for near-term direction.

In the next 24 hours, ETHUSDT could test the $3025–$3030 support zone and see a temporary rebound if RSI finds oversold bounce support. However, bearish momentum suggests a retest of $3000 may be likely, and traders should monitor volume for confirmation of a reversal or continuation.