Market Overview for Ethereum Classic/Tether (ETCUSDT)

Summary
• Price broke above 12.08 with a bullish engulfing pattern.
• Momentum accelerated with RSI rising above 60.
• Bollinger Bands widened, signaling increased volatility.
• Volume surged in the final 4 hours, confirming the rally.
• 61.8% Fibonacci level at 12.15 could offer next support.

Ethereum Classic/Tether (ETCUSDT) opened at 11.96 on 2026-01-01 12:00 ET, reached a high of 12.47, and closed at 12.46 on 2026-01-02 12:00 ET, with a low of 11.90. The pair recorded a total volume of approximately 307,841.06 units and a notional turnover of $3,698,574.87 over the 24-hour period.

Structure & Formations

A strong bullish engulfing pattern emerged at 12.08–12.10 in the morning, followed by a breakout above previous resistance. A key support level at 12.03 held briefly before a sharp rally. A doji appeared at 12.14–12.15, suggesting indecision before the final leg up. The 61.8% Fibonacci retracement level at 12.15 has since become a potential support zone for further consolidation.

Moving Averages

On the 5-minute chart, the price has been trading above the 20-period and 50-period SMAs since midday, indicating short-term bullish momentum. On the daily chart, the 50-day and 100-day SMAs are converging near 12.05, with the price currently above both, suggesting intermediate-term strength.

Momentum and Volatility

The MACD crossed into positive territory with a sharp upward slope, reflecting growing bullish momentum. The RSI climbed from 52 to over 60, signaling moderate overbought conditions without extreme divergence. Bollinger Bands expanded in the final hours, consistent with the breakout and increased volatility.

Volume and Turnover

Volume surged in the last 4 hours, from 12:00–16:00 ET, with a 12-hour volume of 198,400 units (64.5% of total). Turnover also spiked in tandem, reinforcing the price move. A positive correlation between price and volume suggests genuine demand is supporting the rally.

Forward Outlook and Risk

The 12.44 high may be tested in the coming 24 hours, with the 50-day SMA acting as a potential trigger for further upside. A retest of 12.20–12.25 could confirm the breakout. However, a pullback to 12.15–12.18 could trigger profit-taking and consolidate gains. Investors should remain cautious of a potential overbought RSI and divergences that could signal short-term exhaustion.