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

Summary
• ETCUSDT broke key support at $13.20, forming a bearish engulfing pattern.
• MACD turned bearish with negative divergence, while RSI hit oversold territory.
• Volatility expanded through Bollinger Bands as volume spiked after 14:30 ET.
• A 24-hour breakdown below $13.00 could trigger a test of prior lows.

Ethereum Classic/Tether (ETCUSDT) opened at $13.33, hit a high of $13.47, and closed at $12.93 near 12:00 ET, with a low of $12.80. Total volume was 136,552.31, and notional turnover reached $1,764,820. The pair faced strong downward pressure, with a key bearish pattern confirming a shift in sentiment.

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Structure & Formations

A bearish engulfing pattern formed at the start of the breakdown from $13.30–$13.47, signaling a shift in momentum. Key support levels at $13.20 and $13.00 were sequentially tested, with the latter showing heavy selling pressure. A doji formed at $12.80–$13.06, hinting at short-term indecision.

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Moving Averages and Momentum

The 5-minute 20- and 50-period EMAs crossed lower, reinforcing bearish bias. Daily 50/100/200 EMAs showed ETCUSDT under strong short-term bear dominance. MACD turned bearish after 14:30 ET, with price and histogram divergence indicating further downside potential. RSI bottomed near 25, suggesting possible short-term rebound but not a reversal.

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Volatility and Bollinger Bands

The Bollinger Bands expanded significantly during the $12.80–$13.47 move, with price closing near the lower band at 12:00 ET. The increased volatility reflects growing uncertainty and potential for continuation of the selloff.

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Volume and Turnover

Volume surged from 14:30 ET onward, coinciding with the breakdown below $13.00. Notional turnover also spiked during this period, confirming the bearish breakout. The volume-to-price relationship was in alignment, supporting the validity of the move.

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Fibonacci Retracements

On the 5-minute chart, the recent swing high at $13.47 and low at $12.80 saw ETCUSDT close near the 61.8% Fib level, indicating strong bearish conviction. The 38.2% level at $13.20 was briefly retested, but failed to hold.

ETCUSDT appears to have entered a strong bearish phase, with $12.80 now the immediate focus. A close below that could extend the move toward key support at $12.70. Investors should remain cautious as liquidity levels may thin near these levels, increasing volatility risk.