ENSUSDT Market Overview for 2025-11-04

Summary
• ENSUSDT opened at $13.48 and closed at $12.73, with a 24-hour low of $12.70 and high of $13.76.
• Momentum dipped late in the session, with RSI potentially entering oversold territory.
• Volume surged in the afternoon and early evening, with a divergence in price and turnover in the final 6 hours.
• A bearish engulfing pattern was visible during the early morning hours.
• A key support level at $12.70 may now be in play.

Opening Summary and Price Action

Ethereum Name Service/Tether (ENSUSDT) opened at $13.48 on 2025-11-04 and closed at $12.73 by 12:00 ET. The price reached a high of $13.76 in the early hours and a low of $12.70 late in the session. Total volume across the 24-hour period was 222,681.8, while notional turnover was $3,130,224.28. The price action suggests a bearish sentiment emerging in the late hours, with a bearish engulfing pattern visible during the early morning hours.

Structure and Key Levels

The session saw key resistance at $13.76 and support at $12.70, both of which were tested. A bearish engulfing candle formed around 03:15 ET, confirming a potential shift in momentum. The price consolidated between these levels for much of the session, but a late bearish break below $13.00 indicated a stronger move toward the lower end of the range. A 61.8% Fibonacci retracement from the recent high at $13.76 sits near $13.03, which acted as a temporary support during the session.

Moving Averages and Trend Context

On the 15-minute chart, the 20-period and 50-period moving averages were both bearish, with the 50-period line trending downward and the 20-period line pulling lower as the session progressed. Price spent much of the session below the 20-period MA, indicating a short-term bearish trend. On a broader scale, the 200-period MA for the daily chart appears to be a key long-term support level, currently at around $12.95–$13.00. A break below this could extend the downward move.

Momentum and Volatility Indicators

Relative strength index (RSI) on the 15-minute chart dropped into oversold territory in the final hours of the session, with values dipping below 30. MACD turned bearish in the early morning, with the histogram contracting and the signal line crossing above the MACD line. Bollinger Bands showed a moderate widening in the early part of the session, indicating increased volatility, which compressed as the price settled into a tighter range before the late break. Price action in the last 6 hours suggests a potential divergence in momentum and price, with RSI failing to confirm the strength of the move lower.

Volume and Turnover Dynamics

Volume surged in the afternoon and early evening, peaking at over 30,000 contracts at 14:45 ET. Notional turnover aligned with this, reaching a high of $405,000 at that time. However, in the final 6 hours, while price continued to drop, turnover did not rise proportionally, suggesting a potential divergence. This could indicate weakening conviction in the bearish move or a consolidation phase before a potential rebound. The late bearish engulfing pattern was accompanied by a modest increase in volume, which could confirm the validity of the pattern.

Fibonacci Retracements and Short-Term Projections

Fibonacci retracement levels were key in identifying potential turning points during the session. The 61.8% level at $13.03 acted as a short-term support, and the 38.2% level at $13.37 as a resistance. The price broke below $13.00, extending the downward move toward the 78.6% level at $12.62. These levels suggest that the next 24 hours could see continued bearish pressure if the 61.8% level fails to hold, though a rebound from $12.70 could test the 50% retracement at $13.23.

Backtest Hypothesis

Given the bearish engulfing pattern and RSI entering oversold territory late in the session, a potential backtesting strategy could involve a short entry at or near $12.80 with a stop just above $13.05 (a 50–70 basis points stop). The first profit target would sit at the 61.8% Fibonacci level at $13.03, while a deeper move could target the 78.6% level at $12.62. This setup would align with the bearish momentum observed in the RSI and the confirmation of the engulfing pattern. Using Binance data and a RSI threshold of 30 is recommended for the backtest to ensure consistency with the observed price behavior.