Market Overview for Ens (ENSUSD) - 24-Hour Technical Review

• Price remained flat at $23.08 for most of the 24 hours, before a sharp decline to $22.11.
• Volume surged during the breakdown, confirming the bearish reversal.
• RSI showed overbought conditions initially, then dropped sharply into oversold territory.
• Bollinger Bands tightened before the drop, indicating low volatility prior to the selloff.
• ENSUSD saw no significant trading activity for most of the session, with volume clustering in the final hours.

At 12:00 ET–1 on 2025-09-03, ENSUSD opened at $23.05 and peaked at $23.08. Over the 24-hour period, it fell as low as $22.11 and closed at $22.11 at 12:00 ET on 2025-09-04. Total volume amounted to 26.67, with a turnover of $584.91 in the same period. Price remained in a tight range for most of the session before a sudden and sharp drop at the end.

Structure & Formations

ENSUSD spent the majority of the session consolidating within a narrow range between $23.05 and $23.08, with no meaningful price movement. A small breakout attempt occurred at 20:45 ET, where price reached $23.08 on low volume, failing to gain traction. The decisive move came at 14:15 ET with a bearish breakout that led to a sharp decline to $22.21, followed by a further drop to $22.11. The session closed with a long bearish candle, suggesting bearish exhaustion. No strong candlestick patterns (e.g., engulfing, doji) formed during most of the session, but the long bearish shadows in the final hours indicate potential support forming around $22.11.

Moving Averages

On the 15-minute chart, ENSUSD remained above its 20- and 50-period moving averages for most of the session, indicating a neutral to slightly bullish bias earlier in the day. However, the sharp drop near the end pulled price below both moving averages. On the daily chart, the 50-, 100-, and 200-period moving averages were not crossed during this 24-hour window, suggesting the broader trend remains neutral with no clear bias at this time.

MACD & RSI

The RSI indicator showed overbought conditions early in the session, peaking around 20:45 ET. As price declined, the RSI dropped sharply into oversold territory by 15:30 ET, indicating exhaustion in the bearish move. The MACD crossed below the signal line during the decline, confirming bearish momentum. The histogram turned negative and widened during the selloff, signaling strong bearish conviction. There was no sign of divergences between price and momentum, suggesting the move may continue in the short term.

Bollinger Bands

Bollinger Bands remained narrow for most of the session, indicating low volatility and a period of consolidation. Price hovered near the upper band early in the session before breaking below the lower band during the sharp selloff. The width of the bands increased as volatility surged, confirming the breakout. The move below the lower band suggests a potential new support level forming at $22.11.

Volume & Turnover

Volume was virtually absent for most of the 24-hour period, with nearly all trading activity concentrated in the final hours. A significant volume spike occurred at 14:15 ET during the sharp decline, confirming the bearish breakout. Notional turnover also surged during the breakdown, aligning with the price action. No divergence between price and volume was observed during the decline, suggesting the bearish move was well-supported by market activity.

Fibonacci Retracements

Applying Fibonacci retracements to the swing from the high of $23.08 to the low of $22.11, the 38.2% retracement level is at $22.64, while the 61.8% level is at $22.41. Price tested the 61.8% retracement level during the initial rebound at 00:15 ET but failed to hold above it. The 23.6% retracement level at $22.89 appears to be a potential resistance for any near-term recovery.

Backtest Hypothesis

The backtesting strategy suggests entering a short position when the 15-minute RSI falls below 30 and volume spikes above the 20-period average. This aligns with the behavior observed at 14:15 ET, where RSI dropped below 30 and volume surged on the bearish breakout. The exit would be triggered when RSI crosses above 50 or price rises above the 61.8% Fibonacci level. Given the recent action and the alignment with the strategy, a backtest would likely show a profitable short trade initiated during this period.