Market Overview for Ethereum Name Service/Tether

Summary
• Price broke out of a descending triangle after forming a

bullish engulfing pattern near $9.70.
• RSI moved into overbought territory, suggesting potential for a near-term pullback or consolidation.
• Volatility surged with Bollinger Bands widening, signaling increased trading activity and momentum.
• Turnover spiked during late-night to early-morning trading, aligning with the breakout from key support.
• Key resistance now appears at $9.94–$9.96, coinciding with a 38.2% Fibonacci retracement level.

Ethereum Name Service/Tether (ENSUSDT) opened at $9.70 on 2025-12-28 at 12:00 ET and closed at $9.76 by 12:00 ET on 2025-12-29, with a high of $10.04 and a low of $9.59. Total volume reached 110,835.08, and notional turnover hit $1,089,278.35. The pair posted a sharp breakout from a key support area, supported by a notable increase in volume and momentum.

Structure & Formations

The price formed a bullish engulfing pattern near $9.70, signaling a potential reversal after a prolonged bearish trend. A descending triangle was clearly visible, and its breakout at $9.76 confirmed a shift in sentiment. Key resistance is now at $9.94–$9.96, with support near $9.70. A doji appeared at the high of $10.04, hinting at potential indecision among buyers.

Moving Averages and Momentum

On the 5-minute chart, ENSUSDT closed above its 20 and 50 EMA lines, reinforcing a short-term bullish bias. The 50/100/200 EMA alignment on the daily chart showed the price above all three, suggesting a continuation of the upward trend. RSI reached overbought territory above 70, indicating a possible near-term pullback or consolidation phase before the next move.

Bollinger Bands and Volatility

Volatility increased as Bollinger Bands expanded, reflecting higher trading activity and uncertainty. Price traded at the upper band multiple times during the breakout phase, especially between 02:00 and 04:00 ET. The recent expansion of the bands may signal a continuation of the current trend or a period of consolidation.

Volume and Turnover

Volume surged during the early hours of the morning, particularly between 02:00 and 04:00 ET, coinciding with the price breaking out of the descending triangle. Turnover also spiked in the same period, confirming the validity of the breakout. A divergence appears in the latter part of the day, with volume dropping despite price attempts to push higher, suggesting caution ahead.

Fibonacci Retracements

The 38.2% Fibonacci retracement level at $9.94 served as a critical resistance, with the price briefly testing it in the final hours of the 24-hour window. A potential retest of this level may confirm its significance. The 61.8% retracement at $10.09 is a likely next target, though it will require stronger volume support to hold.

Looking ahead, ENSUSDT appears poised to test key resistance near $10.00–$10.04 if buying momentum remains strong. However, overbought RSI and a potential bearish divergence in volume suggest caution for the next 24 hours. Investors should watch for a pullback or consolidation pattern before considering further longs.