Market Overview for Ethereum/Tether (ETHUSDT)

Summary
• Price action broke below key support at 3100.0, forming bearish engulfing patterns near 3120.0.
• MACD shows bearish crossover and RSI entered oversold territory, indicating potential short-term rebound.
• Volatility spiked as Bollinger Bands widened following a sharp decline from 3145.0 to 3062.0.
• Turnover surged during the early morning selloff, with no divergence seen in price-volume dynamics.
• Fibonacci retracement levels suggest a possible bounce from the 61.8% level near 3085.0.

Ethereum/Tether (ETHUSDT) opened at 3097.13 on 2026-01-08 17:00 ET and closed at 3090.36 on 2026-01-09 12:00 ET, with a high of 3145.06 and low of 3062.0. Total 24-hour volume was 145,818.1951 ETH and notional turnover reached $463,495,007.02.

Structure and Patterns

Price action formed a bearish engulfing pattern near 3120.0 during the early morning hours, reinforcing the breakdown of the 3100.0 support level. A strong bearish bias is maintained as the price settled below key Fibonacci retracement levels and remains below the 5-minute 20- and 50-period moving averages.

Momentum and Indicators

The RSI entered oversold territory in the final hours, hinting at a potential short-term pullback. MACD showed a bearish crossover with negative momentum, confirming the downward bias. Bollinger Bands widened during the selloff, indicating heightened volatility.

Volume and Turnover

Volume and turnover spiked during the selloff between 09:00 and 11:00 ET, with no sign of divergence between price and volume. This confirms the bearish move rather than suggesting exhaustion.

Forward Outlook

A short-term bounce near the 61.8% Fibonacci level at 3085.0 could occur, but a break below 3075.0 may trigger further downside. Investors should remain cautious as volatility remains elevated and trend confirmation near 3100.0 is pending.