Market Overview for Ethereum Name Service/Tether (ENSUSDT) - 2025-09-21

• ENSUSDT traded lower over 24 hours, closing at 22.99 with a 23.44 high.
• Volatility expanded, with a 23.47–22.86 range and Bollinger Band widening.
• Negative momentum continued as RSI declined and MACD trended lower.
• Volume spiked during the 2025-09-20 234500–2025-09-21 000000 window.
• A bearish engulfing pattern formed near 23.47–23.40, signaling short-term bearish pressure.

Ethereum Name Service/Tether (ENSUSDT) opened at 23.42 on 2025-09-20 at 12:00 ET and closed at 22.99 on 2025-09-21 at the same hour. The 24-hour high was 23.47, and the low was 22.86. Total volume amounted to 106,118.11, and notional turnover reached $2,439,325.16. Price action suggests a bearish bias over the past day, with clear distribution evident after a failed rally.

Structure & Formations

The price structure shows a bearish bias with a key resistance level forming around the 23.47–23.43 range. A bearish engulfing pattern developed between 23.47 and 23.40, reinforcing short-term bearish sentiment. A key support level appears to be forming at 22.95–22.90, where the price found some buying pressure. A doji formed at 22.95 on the 2025-09-21 093000 candle, suggesting indecision and potential reversal risk, though bearish momentum continues to dominate.

Moving Averages

On the 15-minute chart, the 20-period and 50-period moving averages are both trending downward, with the price trading below both. The 20-EMA sits at 23.09, and the 50-EMA is at 23.17, confirming bearish momentum. On the daily chart, the 50-period, 100-period, and 200-period moving averages are aligned lower, with the 50-DMA at 23.24, further reinforcing the bearish trend.

MACD & RSI

The MACD is negative, with the histogram expanding below zero, reflecting growing bearish momentum. The RSI has fallen to 44 from a high of 66 earlier in the day, indicating a shift toward neutral to bearish territory. Neither indicator suggests overbought conditions, though a reading near 38.2 suggests RSI may test oversold territory in the near term, potentially offering a short-term buying opportunity.

Bollinger Bands

Bollinger Bands have widened significantly, indicating increased volatility. The upper band reached 23.47, while the lower band touched 22.86. The price closed near the lower band, suggesting potential for a retest or bounce, though the overall trend remains bearish. A move above the middle band would be a positive sign for a reversal.

Volume & Turnover

Volume spiked during the early hours of 2025-09-21, particularly between 234500 and 000000, with large notional turnover. This coincided with a sharp decline from 23.31 to 23.29 and a follow-through move lower. The volume-to-price relationship shows confirmation, with bearish price action backed by strong volume. No clear divergence was observed, reinforcing the bearish signal.

Fibonacci Retracements

Fibonacci levels on the 15-minute chart show the price reaching the 61.8% level at 23.31 before pulling back. The 50% retracement is at 23.14, where the price appears to have found some resistance. On the daily chart, the 38.2% level at 23.05 marks the current price area, and a further drop could see the price test the 22.86 level, which corresponds to the 61.8% retracement of the recent swing.

Backtest Hypothesis

A potential backtest strategy could involve entering a short position on a close below the 50-period moving average, with a stop-loss placed above the 20-period moving average. A target could be set at the 61.8% Fibonacci level or key support at 22.90–22.86. This strategy aligns with the bearish momentum confirmed by RSI and MACD and would benefit from the current structure and volume pattern.