Market Overview for Ethereum Name Service/Tether (ENSUSDT) on 2025-09-25

• ENSUSDT declines 4.5% over 24 hours, closing at 20.06 with bearish momentum.
• Strong sell pressure emerges after 9:30 PM ET, breaking through key support levels.
• Volume spikes at 3:30 AM ET and again at 12:30 PM ET, aligning with price breakdowns.
• RSI hits oversold territory near 25, suggesting potential short-term bounce.
• Bollinger Bands contract midday before a sharp expansion during the 9:30 PM selloff.

Opening Snapshot

Ethereum Name Service/Tether (ENSUSDT) opened at $21.16 on 2025-09-24 at 12:00 ET, peaked at $21.20, and closed at $20.06 by 12:00 ET on 2025-09-25. Total volume for the 24-hour period was 313,103.63 USD, while turnover reached approximately $6,333,356. The pair appears to have entered a bearish phase after a sharp decline late in the session.

Structure & Formations

Key support levels were identified at 20.84 and 20.70, both of which were broken during the late evening and early morning hours. A bearish engulfing pattern emerged at 9:30 PM ET when the price opened at 20.92 and closed at 20.80 after hitting a low of 20.78. A significant bearish reversal formed as the price closed below the intraday low, indicating growing selling pressure. A doji formed around 3:00 AM ET, suggesting indecision before the next leg of the downtrend.

Moving Averages and Momentum

On the 15-minute chart, the 20-period and 50-period moving averages crossed bearishly, with the price remaining below both. The 50-period MA acted as a dynamic resistance, which the price repeatedly failed to reclaim. On the daily chart, the 50, 100, and 200-period MAs are in a downward alignment, reinforcing a bearish bias. The MACD line crossed below the signal line in the late evening, confirming a loss of bullish momentum. RSI dipped into the oversold zone (25–30) during the last hour of the session, hinting at a possible bounce in the near term.

Bollinger Bands and Volatility

Bollinger Bands showed a notable contraction during the early morning hours, followed by a sharp expansion during the 9:30 PM ET sell-off. This volatility expansion is often a precursor to a significant price movement. The closing price of 20.06 sits near the lower band, reinforcing the bearish scenario. The narrowing of bands earlier in the day indicated a period of consolidation, which ended with a sharp breakdown.

Volume and Turnover Analysis

Volume spiked at 3:30 AM ET with a 20,845.26 USD turnover at a price of 20.84, followed by another sharp increase at 12:30 PM ET with a 18,257.71 USD turnover at a price of 19.77. These spikes aligned with key breakdowns, confirming the bearish bias. Notional turnover was generally higher during the selling phases compared to the consolidation periods, indicating stronger bearish conviction. A divergence between rising volume and falling price suggests aggressive selling into the close.

Key Fibonacci Levels

Applying Fibonacci retracement to the 15-minute swing, the 38.2% level is at 20.37, the 61.8% level at 20.15, and the 78.6% level near 20.00. The price closed near the 78.6% level, suggesting potential short-term support. On the daily timeframe, the 38.2% retracement of the recent downtrend aligns with 20.30, while the 61.8% level is near 19.80. The price appears to have found a temporary floor at 19.70, which may offer further support in the short term.

Backtest Hypothesis

Given the bearish engulfing pattern and the confirmed breakdown below key moving averages, a short-term bearish strategy could be backtested using a combination of RSI and MACD signals. For example, a sell entry could be triggered when RSI drops below 30 and MACD crosses below the signal line, with a stop-loss placed above the 38.2% Fibonacci retracement level at 20.37. This setup would target the 61.8% level at 20.15 and potentially the 78.6% level at 20.00. Such a strategy would align with the observed price action and technical indicators.