Market Overview for Ethereum Name Service/Tether (ENSUSDT): 24-Hour Technical Summary

• ENSUSDT surged past key resistance, closing near its 24-hour high of $14.89.
• Volume spiked during late-night ET, confirming bullish momentum.
• RSI approached overbought territory, hinting at possible consolidation.
• Bollinger Bands widened after a contraction, signaling increased volatility.
• A bearish divergence emerged in the final 6 hours, suggesting caution.

Ethereum Name Service/Tether (ENSUSDT) opened at $14.24 on 2025-11-10 at 12:00 ET and closed at $14.51 by 12:00 ET on 2025-11-11, reaching a high of $15.69 and a low of $14.15. Total trading volume amounted to 624,165.03 and notional turnover was approximately $9,107,417. The pair exhibited a bullish bias throughout much of the session, with strong price action reinforcing short-term momentum.

On the 15-minute chart, ENSUSDT displayed a clear bullish trend, supported by a strong 20-period moving average. A 50-period MA also crossed above the price mid-session, reinforcing the uptrend. Momentum was confirmed by an ascending MACD histogram and a sharp rise in the RSI, which peaked near 70, signaling potential overbought conditions. This suggests that a period of consolidation or a pullback may be ahead.

Bollinger Bands showed an initial contraction in early hours, followed by a rapid expansion after a sharp move higher. Price traded near the upper band for much of the session, reinforcing the bullish bias but also hinting at a possible reversion to the mean. The mid-session pullback from $15.69 to $14.77 tested a 38.2% Fibonacci retracement level, which held as support before the price resumed its upward trajectory.

Volume was relatively modest early in the session but spiked sharply during the late-night and early-morning hours, particularly after 2:00 AM ET. Turnover also surged during this time, confirming the strength of the rally. However, in the final 6 hours, while price continued to inch higher, volume declined, suggesting that momentum could be running out. A bearish divergence between price and volume is evident here, a sign to watch for.

The RSI reached overbought territory as the session neared its close, which is a key indicator that the asset may face profit-taking pressure or a short-term correction. This aligns with the bearish divergence in the last 6 hours of the session. Traders may want to watch for a pullback to the 50-period moving average or the 61.8% Fibonacci level for potential entry points. While the overall trend remains bullish, a pause or a pullback is possible in the next 24 hours. Investors should also be mindful of the potential for volatility if short-term momentum stalls.

Backtest Hypothesis

The backtest strategy described aims to identify and act on overbought RSI conditions in ENSUSDT, using historical overbought events to evaluate the impact of price reversals or corrections. The system appears to rely on RSI readings above 70 as a sell trigger, assuming price will either consolidate or retrace. However, the backtest engine failed because it could not locate price data for the symbol "ENSUSDT." To proceed, the correct symbol format (e.g., "BINANCE:ENSUSDT") must be used, or an alternative data source must be provided. Once this is resolved, the backtest can assess whether selling pressure typically follows overbought RSI conditions in ENSUSDT.