Ethena USDe/Tether Holds 0.9993–0.9995 Range Without Clear Direction

Summary
• Price consolidated tightly between 0.9993 and 0.9995 throughout the 24-hour period.
• No clear candlestick reversal patterns emerged, but price action suggested limited momentum.
• Volume remained steady without sharp spikes, indicating low conviction in either direction.

Ethena USDe/Tether (USDEUSDT) opened at 0.9995 on 2026-02-13 12:00 ET, reached a high of 0.9996, and closed at 0.9994 on 2026-02-14 12:00 ET, with a low of 0.9993. Total volume traded was 2,385,633.0, and notional turnover amounted to 2,383,869.14.

Structure & Formations

The price action remained range-bound for the full 24 hours, forming a narrow trading band between 0.9993 and 0.9995. Several small bullish and bearish engulfing patterns were visible, but none held enough strength to break the range. A doji formed during the 2026-02-14 00:15 ET candle, indicating indecision after a minor bullish push.

Moving Averages

On the 5-minute chart, the 20-period and 50-period SMAs were nearly aligned, both hovering just below the price cluster between 0.9994 and 0.9995. This suggests no strong directional bias from short-term averages. Daily moving averages (50, 100, 200) were not provided but historically indicate a flat to slightly bullish bias for this stablecoin pair.

MACD & RSI

MACD remained flat near zero throughout the session, with no clear divergence or convergence, reinforcing the lack of momentum. RSI oscillated narrowly between 48 and 54, indicating a neutral market with no overbought or oversold conditions. This implies continued consolidation rather than a turning point.

Bollinger Bands

Bollinger Bands showed a moderate contraction in volatility, with price staying close to the mid-band for most of the period. Price touched the upper band briefly but did not close above it, suggesting that upward momentum was limited. No clear breakout conditions were observed.

Volume & Turnover

Volume remained steady across the session, with no sharp spikes. The largest single candle volume occurred at 03:00 ET, but it did not result in a price breakout, indicating low conviction. Turnover mirrored volume patterns closely, showing no signs of divergence between price and liquidity.

Fibonacci Retracements

Applying Fibonacci levels to the most recent 5-minute swing from 0.9993 to 0.9996, the 38.2% retracement level fell near 0.99943 and the 61.8% near 0.99947. Price hovered near the 61.8% level for several hours, suggesting possible support. No daily Fibonacci retracements were relevant given the minimal move.

Looking ahead, the pair may continue to trade within a narrow range if no macroeconomic events or liquidity shifts occur. Investors should monitor for a breakout above 0.9995 or a breakdown below 0.9993 in the next 24 hours. As with any stablecoin pair, sudden shifts in demand or algorithmic stability mechanisms could introduce unexpected volatility.