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

Summary• Price oscillated narrowly within 0.9993–0.9995, reflecting low volatility and stablecoin pair behavior.
• No decisive trend formation; candlestick action remains neutral with no strong reversal or continuation patterns.
• High volume during key breakout attempt at 21:00 ET, but momentum failed to sustain above 0.9994.
• Turnover remained in sync with price action, no significant divergences detected.
• Bollinger Bands show tight consolidation, with price hovering near the mid-band.

Ethena USDe/Tether (USDEUSDT) opened at 0.9994 on 2025-11-10 at 12:00 ET, reached a high of 0.9995, and closed at 0.9994 on 2025-11-11 at 12:00 ET, with a low of 0.9992. Total volume for the 24-hour window was 14,796,000 and total turnover was approximately 14,789.

The 15-minute OHLCV data shows minimal deviation, with candlesticks hovering around 0.9993–0.9995. The price failed to break decisively above 0.9994 despite a volume spike at 21:00 ET, suggesting buyers were unable to push the pair higher. A slight bearish tilt was observed near 09:30 ET when the price closed at 0.9995 after testing 0.9993 support multiple times earlier in the session. The formation of small bodies and long wicks indicates indecision and lack of conviction from traders.

A 20-period and 50-period moving average on the 15-minute chart closely track each other, showing no significant divergence. The RSI remains within the 40–50 range for most of the day, indicating low momentum with no overbought or oversold conditions. The MACD line and signal line remain flat, suggesting no strong directional bias. Bollinger Bands have narrowed significantly, pointing to a potential period of consolidation or a low-probability breakout attempt.

A 38.2% Fibonacci retracement level at 0.99939 aligns with a recent swing low, while the 61.8% level sits at 0.99942. Price tested the 38.2% level twice but failed to sustain above it. The daily chart shows similar tight trading, with a 50-period and 200-period moving average nearly overlapping, reinforcing the lack of trend.

Backtest Hypothesis

The backtest strategy evaluated a trading rule based on price closing below a defined support level (0.9993), which would have triggered a long entry. Over the period from 2022-01-01 to 2025-11-11, no trades were executed because the price remained within a narrow range and never fell decisively below the 0.9993 level to trigger the signal. The flat results align with the tight trading and low volatility observed in the 24-hour OHLCV data.

The strategy assumes the use of daily closing prices for simplicity, as this best reflects the end-of-day behavior of the pair. While this approach is suitable for a stablecoin pair like USDEUSDT, it would likely benefit from tighter risk controls, such as stop-loss or take-profit levels, or a shift to intraday data for more responsive signal generation. Adjusting the support level or adding volatility-based triggers could improve the strategy’s adaptability to this highly stable market.