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

Summary
• Price dropped from $14.24 to $13.55 amid bearish momentum and key support tests.
• RSI and MACD signaled oversold conditions, but volume failed to confirm strength.
• Bollinger Bands tightened near $13.70, hinting at potential breakouts.
• Volume spiked during the sharp decline to $13.58, indicating short-term capitulation.
• A bullish engulfing pattern emerged near $13.55–$13.60, suggesting a possible short-term bounce.

Ethereum Classic/Tether (ETCUSDT) opened at $14.14 on 2025-12-09 at 12:00 ET, reached a high of $14.24, and closed at $13.59 at 12:00 ET on 2025-12-10. The price low was $13.55. Total volume traded over 24 hours was 207,185.57, with a notional turnover of approximately $2,863,802.

Structure & Formations

Price tested key support levels at $13.70 and $13.55, with a notable bearish breakdown occurring below $13.70. A bullish engulfing pattern formed near $13.55–$13.60 after the sharp decline, suggesting a short-term buying opportunity. A doji appeared near $13.70, signaling indecision among traders ahead of the break.

Moving Averages

On the 5-minute chart, price closed below the 20-period and 50-period moving averages, reinforcing the bearish bias. Daily moving averages, including the 50/100/200, remain aligned lower, indicating a broader downtrend.

Momentum Indicators

The RSI reached oversold territory near 30 during the decline to $13.55, suggesting potential for a rebound, though volume failed to confirm strong buying interest. The MACD crossed below the signal line and remained negative throughout the 24-hour period, reinforcing bearish momentum.

Volatility and Bollinger Bands

Bollinger Bands narrowed significantly between $13.65 and $13.75 in the early hours of 12-10, signaling a period of consolidation before a sharp break to the downside. Price closed near the lower band at $13.55, indicating a high volatility move.

Volume and Turnover

Volume spiked during the $14.24–$13.58 sell-off, with heavy turnover concentrated in the $13.80–$13.65 range. Despite reaching oversold conditions, notional turnover did not increase proportionally, suggesting caution in interpreting potential bounces.

Fibonacci Retracements

Key retracements on the 5-minute swing from $14.24 to $13.55 aligned with the 61.8% level at $13.68 and the 78.6% at $13.75. Price tested both levels before breaking below support. On the daily chart, the 38.2% and 61.8% retracements align with $13.95 and $13.75, respectively, with a strong bearish bias still intact.

Ethereum Classic may find near-term support around $13.55–$13.60, where a short-term rebound is possible. However, without a decisive close above $13.75, the broader downtrend remains intact. Investors should watch for volatility expansion or a failure to hold key support levels as early risk signals for the next 24 hours.