Market Overview for Ethereum Classic/Tether (ETCUSDT)

• Ethereum Classic/Tether (ETCUSDT) posted a 24-hour low of $20.42 and closed near $20.55 with strong bearish momentum.
• Volume surged to over 69,000 on the 24-hour chart, concentrated in a sharp selloff from $21.37 to $20.68.
• RSI entered oversold territory below 30, indicating potential for a near-term bounce.
• Bollinger Bands widened significantly, reflecting heightened volatility during the selloff.
• A large bearish engulfing pattern appeared on the 15-minute chart during the early morning drop.

Ethereum Classic/Tether (ETCUSDT) opened at $21.04 on 2025-09-14 at 16:00 ET and closed at $20.55 at 12:00 ET on 2025-09-15. The pair reached a high of $21.43 and fell to a low of $20.42, with total volume of 634,466.5 and total turnover of ~$13,480,000 over 24 hours.

Structure & Formations

The price of ETCUSDT showed a strong bearish bias throughout the 24-hour period, forming a large bearish engulfing pattern during the overnight session from 00:15 to 07:00 ET. A series of red candles capped a 15-minute bearish reversal formation around $21.37. On the daily chart, a key support zone appears to be forming at $20.50–20.60, with resistance at $20.90 and $21.20. A key pivot from $21.15–21.30 has transitioned from resistance to potential support.

Moving Averages

On the 15-minute chart, the 20-period and 50-period moving averages both trended downward throughout the session, with the 50-line crossing below the 20-line near $21.10—a bearish signal. On the daily chart, the 50-period MA crossed below the 100 and 200-period MAs, confirming a bearish divergence. The price closed well below all three moving averages, reinforcing the bearish momentum.

MACD & RSI

The MACD histogram turned negative and expanded in size during the selloff, indicating strong bearish momentum. The RSI dropped below 30 and remained in oversold territory for much of the session, suggesting potential for a near-term rebound. However, price failed to close above the signal line, so a deeper correction remains a risk.

Bollinger Bands

Bollinger Bands saw a notable expansion during the sharp drop in early morning trading, with the lower band aligning near $20.50. The price closed near the lower band, suggesting continued bearish pressure unless a bounce back to the mid-band or above occurs. A contraction in band width is not observed, indicating ongoing volatility.

Volume & Turnover

Volume spiked during the early morning selloff, with a candle at $20.68–20.59 showing a turnover of ~$3.3 million on ~17,000 units. This suggests strong selling pressure from larger traders. Turnover and volume aligned with the price action, indicating conviction in the bearish move. A divergence between price and turnover was not observed.

Fibonacci Retracements

Key Fibonacci levels from the swing high at $21.43 to the low at $20.42 show 61.8% at $20.67 and 38.2% at $21.01. The 50% level sits near $20.89. Price is currently consolidating near the 61.8% level, suggesting a potential bounce or continuation of the bearish trend.

Backtest Hypothesis

Given the technical profile of ETCUSDT, a backtesting strategy could be constructed based on a combination of RSI oversold conditions and volume confirmation. A potential strategy might involve entering a short position when RSI falls below 30 and volume exceeds the 15-minute average by a factor of 1.5 or more, with a stop above the nearest 15-minute high. A profit target could be set at the next Fibonacci level or a 15-minute MA crossover. This approach would aim to capitalize on bearish momentum in a high-volume environment, but risks of false signals during high volatility remain, especially in a market where price may quickly retest key levels.