Ethereum Market Overview: ETHUSD Gains Momentum

• ETHUSD traded higher over 24 hours with a 5.9% increase from $4289.20 to $4478.00
• Price formed key bullish formations and broke above multiple resistance levels
• Volatility expanded significantly after 04:00 ET, with heavy buying after $4400
• On-balance volume surged during the final 8 hours, especially around $4470
• Momentum remains strong as RSI exceeded 65 with no immediate overbought correction

Ethereum (ETHUSD) opened at $4289.20 on 2025-09-02 at 12:00 ET and closed at $4478.00 on 2025-09-03 at 12:00 ET. The 24-hour high was $4478.06, while the low was $4263.25. Total traded volume was 55.87 ETH, with a notional turnover of $245,252,946.28.

Structure & Formations

The ETHUSD price formed a strong bullish continuation pattern during the 15-minute timeframes, especially from 19:30 to 20:00 ET on 2025-09-02, where a large bullish candle followed a descending trend. A series of higher highs and lower lows confirmed a potential trend reversal. A bullish engulfing pattern emerged at 02:15 ET on 2025-09-03, followed by a breakout above key resistance at $4350. A key support level formed around $4280-4290, which held during the early session before price surged upward.

Moving Averages

ETHUSD closed above both the 20-period and 50-period moving averages on the 15-minute chart, indicating strong near-term bullish momentum. On the daily chart, the price also crossed above the 50-period moving average with a clear upward bias. The 200-period moving average currently sits at approximately $4350-4370, forming a dynamic support level that could be tested if the rally slows.

MACD & RSI

MACD showed a significant positive divergence during the last 6 hours of the 24-hour period, confirming the bullish momentum. RSI reached 67 by the close, indicating strong buying pressure but not yet extreme overbought conditions. A potential pullback to the 50–55 RSI range could offer a consolidation area before the next upward move.

Bollinger Bands

Volatility expanded significantly after 04:00 ET as ETHUSD moved out of a tight Bollinger Band contraction. Price traded near the upper band from 09:00 to 15:00 ET, indicating strong momentum. The widening bands suggest increased market participation and could continue to support higher highs if the trend persists.

Volume & Turnover

Volume spiked during the 13:45–15:00 ET window, as ETHUSD surged toward $4478.06. Notional turnover increased by over 200% during this period, confirming the bullish breakout. However, price and volume showed slight divergence around $4460-4470, suggesting some profit-taking activity.

Fibonacci Retracements

Fibonacci levels identified key retracement areas at 38.2% ($4330) and 61.8% ($4380) from the recent swing low. ETHUSD broke above the 61.8% level with strong follow-through, indicating potential for a deeper bullish move toward $4550.

Backtest Hypothesis

Given the recent ETHUSD behavior—specifically the bullish breakout from a consolidation phase and the strong volume confirmation—a backtesting strategy could target a long position on a close above $4370 with a stop just below $4330. The Fibonacci 61.8% level and the 20-period moving average align with this entry point, and the RSI and MACD signals confirm the momentum. A target of $4450-4500 could be realistic within the next 48 hours, assuming no significant macroeconomic shocks or bearish divergences develop in volume or momentum indicators.