Market Overview: Ethereum Name Service/Tether (ENSUSDT) – 24-Hour Technical Analysis

• Price surged to 22.05 before retreating to 21.46, forming a bearish reversal pattern.
• RSI and MACD signaled overbought conditions early, followed by a bearish crossover.
• Volatility spiked with high-volume consolidation in the 21.6–21.9 range.
• Bollinger Bands showed expansion, with price currently near the lower band.
• Notional turnover was highest during the 19:30–20:00 ET session, confirming bearish pressure.

Ethereum Name Service/Tether (ENSUSDT) opened at 21.24 on October 2, 2025 (12:00 ET – 1), rose to 22.05, and closed at 21.46 as of 12:00 ET on October 3. Total volume for the 24-hour period was 183,725.97, with notional turnover reaching $3,937,648.85.

The 24-hour price action on the 15-minute chart was marked by a strong bullish impulse that pushed ENSUSDT above 22.00, followed by a sharp correction back into the 21.6–21.8 range. Key support levels emerged around 21.65 and 21.80, where multiple candlesticks found buyers after bearish rejections. A notable bearish engulfing pattern formed between 19:30 and 20:00 ET, signaling a potential shift in momentum. Additionally, a doji appeared near the 21.96 level, indicating indecision from market participants.

The 20-period and 50-period moving averages on the 15-minute chart diverged as price surged above the 22.00 level, with the 50-SMA acting as a short-term resistance. The 50-day, 100-day, and 200-day moving averages on the daily chart remain aligned with the long-term trend, but short-term volatility has created a dislocation between them and the 15-minute structure. A potential retest of the 21.65–21.73 support zone could be a setup for a possible bounce or continuation of the bearish trend.

The MACD indicator turned bearish after the 19:30 ET crossover, with the histogram contracting as the price retraced. The RSI reached overbought levels above 70 before dropping below 50, indicating a shift in sentiment. Bollinger Bands expanded during the bullish breakout and have since contracted, with the price currently hovering near the lower band. This suggests a potential period of consolidation or renewed bearish momentum depending on the next breakout attempt.

Backtest Hypothesis

Given the observed bearish engulfing pattern and the overbought RSI divergence, a backtesting strategy could be constructed around a short position triggered upon a close below 21.73—support confirmed by multiple 15-minute candles. A stop-loss could be placed above the 21.93 level, which acted as resistance during the prior rally. A trailing stop could be activated as the price moves lower to capture a portion of the downward momentum. This strategy aligns with the technical setup and could be backtested over prior 24-hour periods to assess its robustness and risk-adjusted returns.