Market Overview for Ethereum Classic/Tether USDt (ETCUSDT) – 2025-09-11

• ETHEUSDT declined 0.8% over 24 hours amid a bearish reversal pattern after a brief rally.
• Key resistance at $21.40–21.54 and support near $21.04–21.12 tested repeatedly.
• Volatility expanded after 04:00 ET, with sharp price swings and heavy volume clustering.
• RSI signaled overbought conditions near 70 during mid-day highs before rapid correction.
• Bollinger Bands widened in late morning, indicating increasing uncertainty and potential continuation.

Ethereum Classic/Tether USDt (ETCUSDT) opened at $21.00 on 2025-09-10 at 12:00 ET and closed at $21.10 on 2025-09-11 at 12:00 ET. The 24-hour range was $20.67 to $21.54, with a total volume of 259,378.58 and turnover of approximately $5.33 million.

Structure & Formations

Price action developed a complex narrative, with a bearish reversal pattern emerging after a strong upward move. A key bearish engulfing pattern formed around 03:45 ET as price rejected the high of $21.20 and closed near $21.17. The market then entered consolidation between $21.12 and $21.33, with a series of doji and spinning top candles indicating indecision. The most significant support appeared at $21.04, where price found a floor twice and bounced.

Moving Averages

The 20-period and 50-period moving averages on the 15-minute chart diverged in the morning, with the 20-period MA crossing above the 50-period MA to signal bullish momentum. However, the 50-period MA held strong above $21.10, acting as a critical psychological level. On the daily chart, the 50-period MA was at $21.15, while the 200-period MA was near $21.12, indicating a potential consolidation phase with limited directional bias.

MACD & RSI

The MACD histogram showed a rapid expansion in positive territory during the mid-day rally but quickly reversed into bearish territory as volume flagged the move as temporary. RSI reached overbought territory twice, at $21.54 and $21.50, before retreating, indicating the market was unable to sustain higher levels. The RSI divergence during the afternoon sell-off suggests bearish momentum may continue into the next 24 hours.

Bollinger Bands

Bollinger Bands widened significantly between 04:00 and 06:00 ET, reflecting heightened volatility during the breakout and subsequent retest. Price traded within a moderate range for most of the session, staying within the 1σ (standard deviation) range. However, the mid-day spike pushed the upper band to $21.54, with price failing to hold above the mid-band. This suggests that any retests of this level could face immediate selling pressure.

Volume & Turnover

Trading volume spiked after 04:00 ET, with the largest single 15-minute candle recording a volume of 17325.26 and a high of $21.52. This was followed by a sharp correction with heavy volume again at $21.28. The pattern suggests institutional or algorithmic activity at key levels. Turnover confirmed the price action, with spikes aligning with volume surges. No significant price-turnover divergence was observed, suggesting the market is reacting to real demand and supply rather than false signals.

Fibonacci Retracements

Fibonacci retracement levels applied to the recent swing high of $21.54 and low of $21.04 identified key levels at 38.2% ($21.30) and 61.8% ($21.17). Price tested both levels multiple times during the session, with the 61.8% retracement acting as a temporary support. The 50% retracement at $21.29 also attracted significant volume and order flow, suggesting a potential pivot point for future direction.

Backtest Hypothesis

A potential backtesting strategy involves entering short positions at 61.8% retracement levels when RSI exceeds 70 and volume spikes, with stop-loss placed above the 38.2% level. This approach would target the exhaustion phase of a bullish move and capitalize on bearish momentum. Given the current context, such a setup appears feasible for the next 24 hours if price retests $21.30 with overbought RSI and high volume.