ETCUSDT Market Overview: Ethereum Classic/Tether 24-Hour Technical Snapshot

Summary
• ETCUSDT opened at 16.03, reached 16.69, and closed at 16.09 amid a volatile 24-hour session.
• Price swung between 15.89 and 16.75, with significant intraday momentum seen in the midday hours.
• Turnover hit 16.14 with volume exceeding 700,000, indicating heightened interest and potential institutional participation.

Market Overview

Ethereum Classic/Tether (ETCUSDT) opened at 16.03 on 2025-11-09 at 12:00 ET-1 and closed at 16.09 by 12:00 ET on 2025-11-10. The pair surged to a high of 16.69 before retreating to a low of 15.89, showcasing intense intraday movement. Over the past 24 hours, ETCUSDT traded on a total volume of 708,640.02 units and a notional turnover of approximately $11,681,856 (assuming 16.14 as average rate for simplicity).

Structure & Formations

Price action displayed key levels of support and resistance. A strong support level emerged around 16.14, where the price bounced multiple times. On the upper side, 16.69 acted as a resistance, capping further gains. The candlestick pattern around 2025-11-10 at 13:45 ET formed a bearish engulfing pattern, hinting at a potential near-term reversal. Additionally, a bullish morning star pattern was visible on the 15-minute chart at 04:15 ET, indicating a possible rebound.

Moving Averages

On the 15-minute chart, the 20-period and 50-period moving averages crossed multiple times, forming a dynamic support/resistance zone around 16.05–16.15. On the daily chart, the 50-period MA sat above the 100-period and 200-period MA, suggesting a moderately bullish bias. The price closed slightly above the 20-period MA, indicating short-term bullish momentum.

MACD & RSI

The MACD crossed above the signal line multiple times during the session, showing increased bullish momentum, especially in the morning hours. However, by late afternoon, the MACD began to flatten, signaling a potential slowdown. The RSI peaked above 70, entering overbought territory, particularly around 14:45 ET, which may have triggered profit-taking. Currently, RSI is at neutral levels around 55, suggesting balanced market sentiment.

Bollinger Bands

Volatility expanded significantly as the price pushed against the upper and lower Bollinger Bands, reaching 16.69 and 15.89, respectively. The price spent most of the session outside the bands, indicating a high-risk, high-reward environment. The bands have since narrowed slightly after the midday peak, potentially foreshadowing a consolidation phase.

Volume & Turnover

Volume spiked during key price movements, especially at 13:45 ET when the price hit 16.69, with turnover surging to $925,554. Another notable spike occurred at 14:45 ET as the price declined, indicating heavy selling pressure. The volume-to-price divergence observed in the afternoon suggests caution, as increased selling pressure did not result in a significant price drop.

Fibonacci Retracements

Applying Fibonacci retracement levels to the recent 15-minute swing from 16.03 to 16.69, key levels of 16.34 (61.8%) and 16.21 (38.2%) acted as temporary support and resistance zones. On the daily chart, the 61.8% Fibonacci level near 16.14 has held firm as a critical support zone, and the 38.2% level at 16.30 has shown resistance.

Backtest Hypothesis

The proposed backtest strategy for ETCUSDT leverages technical indicators such as RSI and price action to identify potential long entries and exits. By entering a position when RSI crosses above 70 (a common overbought level), the strategy aims to capitalize on momentum while managing risk by exiting at a predefined price level (16.14). Given the recent RSI overbought conditions and the price’s interaction with Fibonacci levels, a backtest could validate whether this strategy aligns with current market dynamics. Further, the execution method—buying at the next day’s open and selling at the next day’s open—would allow for minimal slippage and consistent trade execution, especially in a highly volatile market like ETCUSDT. This hypothesis could be tested against daily data from 2022 to 2025, using open and close prices for trade signals.