Ethereum (ETHUSDT) Market Overview: 24-Hour Action from $4930 to $4612

• Ethereum declined sharply overnight, with a deep pullback from $4930 to $4612, signaling bearish exhaustion.
• Key support tested at $4600–4615, with volume increasing at lower levels but no strong reversal.
• RSI overbought levels were quickly unwound, indicating a high-speed distribution phase.
• Bollinger Bands widened significantly, reflecting heightened volatility during the selloff.
• Volume surged at the peak of the rally, suggesting profit-taking after the $4930 high.

Ethereum opened at $4813.55 on August 24 at 12:00 ET, hit a high of $4937.04, dropped to a low of $4612.57 by 16:00 ET on August 25, and closed at $4612.57. Total volume for the 24-hour period was 800,512.56 ETH, translating to a notional turnover of $3.58 billion.

Structure & Formations

Ethereum exhibited a bearish breakdown from key resistance at $4930, with a large bearish engulfing pattern forming on the $4930.37–$4849.92 15-minute candle. The price then tested a prior support level at $4700–4720 before falling further to the 20-day moving average, which acted as a dynamic resistance during the early selloff. A deep bearish gap appears at $4800–4790, suggesting strong distribution pressure during the late-night sell-off. A potential 38.2% Fibonacci retracement of the $4813–$4937 rally is now at $4858, which may act as a short-term resistance on a bounce.

Moving Averages

On the 15-minute chart, Ethereum closed below both the 20 and 50 EMA lines, indicating a bearish momentum shift. The 50 EMA at $4870 currently sits above price action, while the 20 EMA is falling toward the 4760–4770 range. On the daily chart, the 50 SMA is at $4780, and the 200 SMA is at $4650, meaning Ethereum has closed below both key long-term averages, reinforcing a bearish bias.

MACD & RSI

The MACD line crossed below the signal line during the early hours of August 25, confirming a bearish turn in momentum. RSI reached overbought levels at 75 during the rally to $4930, then rapidly oversold at 25 by $4612, suggesting strong bearish pressure and a lack of immediate buyers. RSI remains near oversold, but without a reversal candle, it may take longer to generate bullish momentum.

Bollinger Bands

Bollinger Bands expanded dramatically during the $4930–$4612 move, indicating heightened volatility and a period of market stress. Price closed near the lower band at $4612, which may act as a temporary support level if buying interest returns. A retest of the midline at $4770 would signal a potential bounce, but this is conditional on renewed bullish volume.

Volume & Turnover

Volume surged at the peak of the rally to $4930 with a large bar of 76,861 ETH, followed by a sharp drop-off after the breakdown. The selloff from $4930 to $4612 saw a steady rise in volume, particularly between $4800–4650, indicating increasing selling pressure. Notional turnover also spiked during the $4930 high and again at the $4612 low, with no divergence suggesting a continuation of bearish momentum.

Fibonacci Retracements

A key Fibonacci retracement of the $4813–$4937 move is at 38.2% ($4858) and 61.8% ($4767). Price may test these levels on a short-term bounce, but without a strong reversal candle, Ethereum could continue to probe $4600–4650 as the next support cluster.

Ethereum could test $4600–4650 next, with a potential bounce toward $4760–4780 if buying returns. However, bearish momentum remains strong, and a break below $4600 could extend the decline. Investors should closely monitor volume and RSI for early signs of a reversal.