Market Overview: Ethena USDe/Tether (USDEUSDT) - 24-Hour Analysis

• Price remained tightly range-bound near 0.9993, with no decisive breakouts observed.
• Volume spiked during overnight hours, with 5061655.0 volume observed at 03:30 ET.
• A consolidation phase appears to be unfolding with no clear trend in momentum indicators.
• Notional turnover remained moderate, suggesting limited aggressive positioning from large participants.
• No strong candlestick patterns (e.g., engulfing, doji) emerged, suggesting market indecision.

24-Hour Summary

Ethena USDe/Tether (USDEUSDT) opened at 0.9993 on 2025-11-09 12:00 ET and reached a high of 0.9995 by 20:15 ET. The pair traded as low as 0.9992 during the session, and closed at 0.9993 on 2025-11-10 12:00 ET. Total traded volume in the 24-hour period was 50,800,402.0, with notional turnover remaining consistent with range-bound conditions.

Structure & Formations

Over the past 24 hours, USDEUSDT has shown a tight trading range between 0.9992 and 0.9995, with price frequently reversing at these levels. Key support appears to be forming near 0.9992, which was tested multiple times and held. Resistance remains at 0.9995, with price failing to close above this level on most attempts. No definitive candlestick patterns emerged, suggesting a period of consolidation rather than a directional move.

Engulfing and Doji Patterns

There were no significant engulfing patterns observed, but several doji-like candles appeared during the overnight hours, particularly between 02:00 ET and 04:00 ET. These may indicate indecision and a potential pause in directional momentum, suggesting traders should monitor for a breakout or breakdown in the coming session.

Moving Averages

On the 15-minute chart, the 20-period and 50-period moving averages are closely aligned, both hovering near the 0.9993 mark. This suggests a lack of clear trend and supports the view of a consolidation phase. On the daily chart, the 50-period and 200-period moving averages are also in close proximity, further reinforcing the idea that the market is in a sideways phase with no strong bias either up or down.

Short-Term Momentum

The convergence of the 20 and 50-period moving averages implies that short-term momentum is flat. Traders may need to wait for a breakout beyond the current range or a breakdown below support to see renewed directional movement.

Long-Term Trend

From a longer-term perspective, the 100-period and 200-period moving averages also remain within a tight range, indicating that the broader trend is not yet established. The market appears to be in a consolidation phase, possibly preparing for a larger move.

MACD & RSI

The Moving Average Convergence Divergence (MACD) histogram has remained near neutral throughout the 24-hour period, with the MACD line and signal line moving in tandem. This suggests that the market lacks strong directional momentum and remains in a trading range. The Relative Strength Index (RSI) fluctuated between 40 and 60, indicating a balanced market without overbought or oversold conditions.

Momentum Dynamics

The RSI’s mid-range activity implies that neither buyers nor sellers have gained significant control. This supports the interpretation that the market is in a consolidation phase, waiting for new catalysts to drive price in a specific direction.

Bollinger Bands

Price action has remained within the Bollinger Bands for much of the session, with the middle band hovering near 0.9993. The bands have not shown a significant expansion or contraction, suggesting that volatility is stable and not increasing sharply. Traders may consider the upper and lower bands as potential support and resistance levels for the next 24 hours.

Volatility Implications

The narrow Bollinger Band width implies that the market is not experiencing a high volatility event. This aligns with the flat price action and lack of large moves seen in the 24-hour dataset.

Volume & Turnover

Volume spiked sharply during the overnight hours, particularly between 02:00 ET and 03:30 ET, with a single 15-minute candle recording a volume of 5,061,655.0. This level of activity is notable and may indicate increased attention from larger market participants. However, the price did not move significantly in response to this volume, suggesting that the increased turnover may not have translated into strong directional bias.

Turnover Analysis

Notional turnover remained moderate throughout the session, with no large spikes that would typically be associated with aggressive buying or selling. The lack of a price response to increased volume suggests that the activity may have been wash trading or position adjustment rather than directional positioning.

Fibonacci Retracements

Applying Fibonacci retracement levels to the recent 15-minute swing from 0.9992 to 0.9995, the 38.2% and 61.8% levels currently align with key support and resistance areas. The 38.2% retracement level sits at approximately 0.9994, while the 61.8% retracement level is near 0.9993. These levels appear to be acting as price anchors, with price frequently reversing at these levels during the session.

Daily Retracements

On the daily chart, Fibonacci retracement levels drawn from recent highs and lows also align with the key support and resistance levels observed on the 15-minute chart. This suggests that these levels are holding relevance across multiple timeframes, reinforcing their significance as potential turning points.

Backtest Hypothesis

Given the market's behavior, a potential backtest strategy could involve entering long positions on a breakout above the 0.9995 resistance level or short positions on a breakdown below the 0.9992 support level. A trailing stop-loss could be placed to lock in gains if the breakout confirms a new directional trend. However, before running the backtest, the system requires a valid ticker symbol to retrieve the 14-day RSI series. As mentioned, the current system error — “get_asset_base_info node not found” — indicates that the ticker symbol is not recognized. To proceed, please confirm one of the following:

1. The correct ticker symbol from your data feed (e.g., USDEUSDT.BINANCE, USDEUSDT.SPOT, etc.).
2. An alternative reference symbol (e.g., USDe/USDT from a specific exchange supported by the system).

Once the ticker is confirmed, the backtest can begin by retrieving the RSI and analyzing overbought/oversold conditions and associated trade outcomes.