Market Overview for Ethereum Classic/Tether

Summary
• Price swung between $11.92 and $12.45 with key resistance at $12.34 and support at $12.05.
• RSI showed overbought levels near $12.45 and oversold conditions near $12.05, suggesting short-term reversal risk.
• Volume spiked during downward moves, confirming bearish momentum in the latter half of the day.
• Bollinger Bands expanded after 05:00 ET, indicating increased volatility in the morning session.
• A bullish engulfing pattern formed at 02:30 ET, followed by a bearish one at 14:45 ET, showing conflicting directional bias.

Ethereum Classic/Tether (ETCUSDT) opened at $12.22 on December 28 at 17:00 ET, hit a high of $12.45, fell to a low of $11.92, and closed at $12.15 on December 29 at 12:00 ET. Total volume was 152,908.9, and turnover reached $1.837 million over the 24-hour period.

Structure & Formations

Price action showed two clear swing highs at $12.45 (05:45 ET) and $12.43 (06:00 ET), with strong bearish rejection following both. A key support level emerged at $12.05–$12.07, where price bounced twice.

A bullish engulfing pattern formed at $12.33–$12.36 (02:30 ET), while a bearish engulfing pattern developed at $12.07–$12.05 (14:45 ET), suggesting short-term indecision.

Moving Averages and Trends

On the 5-minute chart, the 20-period and 50-period moving averages crossed over near $12.27, indicating a temporary bullish bias in the early session. However, by late morning, price broke below both, signaling a bearish shift. On the daily chart, the 50/100/200-period moving averages showed Ethereum Classic trading below all, reinforcing a bearish trend.

MACD and RSI

The MACD showed a bearish crossover in late morning, with negative momentum persisting into the afternoon. RSI briefly hit overbought at 75 near $12.45 and oversold at 28 near $11.92, suggesting possible reversals. However, overbought levels were not confirmed by strong follow-through, while oversold levels were accompanied by strong volume, increasing the likelihood of a rebound.

Bollinger Bands and Volatility

Bollinger Bands contracted between 00:00 and 04:00 ET, signaling a lull in volatility, followed by a sharp expansion after 05:00 ET. Price traded near the upper band during the early morning highs and near the lower band during the afternoon lows, indicating high volatility and strong price swings.

Volume and Turnover

Volume spiked during major downward moves, particularly around 12:15 ET and 15:00 ET, where large sell pressures were evident. Notional turnover confirmed the bearish bias, with significant outflows during price declines. A divergence between price and turnover was observed during the early morning rally, indicating weak bullish conviction.

Fibonacci Retracements

Fibonacci levels on the 5-minute chart showed price testing the 61.8% retracement at $12.34 before rolling over again. On the daily chart, Ethereum Classic tested the 61.8% retracement of the recent $12.09–$12.45 move at $12.27 and fell below, suggesting further support at $12.07 and $12.03.

Over the next 24 hours, price may retest key support at $12.05 and could find near-term buyers. However, caution is advised as bearish momentum remains strong and overbought conditions were not confirmed.