Market Overview: Ethereum (ETHUSDT) 24-Hour Summary

• Ethereum posted a 24-hour low of $3,715.75 before reversing toward $3,850.81, indicating renewed bullish momentum.
• A bullish engulfing pattern emerged around 00:30 ET, followed by a strong break above the 3750–3800 range.
• Volume surged during the final 3 hours, confirming the breakout, but RSI remains in overbought territory at 69.
• ETHUSDT traded with high volatility, with Bollinger Bands widening as the price moved above the 20-period MA.
• Fibonacci retracement levels at 3828 and 3857 may act as near-term resistance ahead of the 200-day MA.

Ethereum (ETHUSDT) opened at $3,790.00 on July 20 at 12:00 ET and closed at $3,850.81 on July 21 at 12:00 ET, reaching a high of $3,857.00 and a low of $3,715.75. The 24-hour volume was 462,103.66 ETH, with total turnover amounting to $1.74 billion.

Structure & Formations

The price of Ethereum displayed a clear bullish reversal pattern during the early hours of July 21, with a bullish engulfing candle forming around 00:30 ET as the price moved above the 3750–3800 consolidation range. This was followed by a strong continuation above key resistance levels, including the 20-period moving average (MA). A doji formed at $3,736.68 during the overnight session, signaling indecision before the breakout. The price action suggests a potential continuation of the upward trend, with Fibonacci retracement levels at 3828 and 3857 acting as near-term resistance.

Moving Averages

On the 15-minute chart, Ethereum broke above the 20 and 50-period MAs, confirming a short-term bullish bias. On the daily chart, the 50-period MA is currently at $3,785, and the 200-period MA at $3,840. The price is approaching the 200-day MA, suggesting a potential test of long-term resistance in the coming days.

MACD & RSI

The MACD line crossed above the signal line in the early morning, confirming a shift in momentum toward the upside. The RSI closed at 69, indicating overbought conditions but not extreme levels. This suggests that while the price has moved quickly, it may not be overextended. However, a pullback could occur if the RSI surpasses 70 without a corresponding volume increase.

Bollinger Bands

Bollinger Bands expanded significantly as Ethereum moved upward, indicating rising volatility. The price closed near the upper band at $3,857, suggesting strong momentum. A reversal could occur if the price closes below the 20-period MA or if the bands begin to contract again.

Volume & Turnover

Volume spiked during the final 3 hours of the 24-hour period, especially between 05:00 and 12:00 ET, confirming the breakout. Turnover was aligned with price action, with no significant divergence noted. The high volume suggests strong conviction among buyers, increasing the likelihood of a continuation of the current trend.

Fibonacci Retracements

Key Fibonacci retracement levels for the most recent 15-minute swing are at 3828 (38.2%) and 3857 (61.8%). These levels may act as near-term resistance. On the daily chart, the 61.8% retracement level is near the 200-day MA, suggesting a potential consolidation or reversal area.

Ethereum appears poised to test the 3850–3900 range in the next 24 hours, supported by rising momentum and volume. However, a pullback to the 3750–3800 range could occur if the RSI fails to break 70 or if volume declines. Investors should monitor the 200-day MA and key Fibonacci levels for signs of continuation or reversal.