Market Overview: Ethereum Classic/Tether (ETCUSDT) – 24-Hour Technical Snapshot

• ETC/USDT dipped 0.7% from $16.01 to $15.80, testing key support.
• A large bearish engulfing pattern formed near $16.00, suggesting bearish bias.
• RSI showed overbought conditions earlier, now trending downward.
• Volume surged near $15.70, indicating accumulation or rejection.
• Price remained within 15-minute Bollinger Bands, signaling moderate volatility.

Ethereum Classic/Tether (ETCUSDT) opened at $16.01 on 2025-11-11 12:00 ET and closed at $15.80 by 2025-11-12 12:00 ET, with a high of $16.06 and a low of $15.74 over the 24-hour period. Total volume amounted to 162,500.26 units, while notional turnover reached $2,576,247.49, reflecting concentrated liquidity and active trading near key price levels.

The 15-minute candlestick pattern displayed a bearish engulfing formation around $16.00–$15.96, signaling a potential reversal from bullish to bearish momentum. Price then consolidated within a descending channel, with support at $15.80 and resistance at $16.00. The 20-period and 50-period moving averages on the 15-minute chart indicated a bearish crossover, reinforcing the short-term downtrend.

Bollinger Bands showed moderate volatility, with price oscillating between the upper and lower bands but not breaking through them, suggesting a balanced market. RSI hit overbought territory early in the session, peaking near 70, and has since corrected downward, indicating waning bullish momentum. MACD remained negative but trending sideways, suggesting indecision in the market.

Volume spiked around the $15.70 level, suggesting possible accumulation by market participants or rejection near that key support. This divergence between price and volume could imply either a potential reversal or a test of the level. Fibonacci retracement levels placed 38.2% at $15.93 and 61.8% at $15.80, aligning with the recent consolidation and providing clear levels to watch for potential breakouts or reversals.

Price appears to be in a short-term bearish phase, supported by bearish candlestick patterns and technical indicators. However, the consolidation near $15.80 and rising volume suggest that buyers may step in to defend that level. Traders should watch for a break below $15.70 or a rejection at $15.80 for a clearer directional signal. As always, volatility and liquidity shifts could introduce unexpected price swings within the next 24 hours.

Backtest Hypothesis
A potential backtest could explore a “Bearish-Engulfing + RSI-Overbought” short strategy on ETC/USDT. This approach targets reversal setups by identifying bearish engulfing patterns that form when price is overbought (RSI ≥ 70), suggesting a high likelihood of near-term reversal. Given the limitations of the backtest engine, which operates at the daily level, the strategy would need to be adapted. One viable approach is to use a stop-limit order to simulate the 15-minute intraday exit, or alternatively, hold the short for one full trading day and close at the next daily close. This would maintain alignment with the original intent while fitting the system’s constraints.