Market Overview for Ethereum Name Service/Tether (ENSUSDT)

• ENSUSDT formed a bullish breakout above $24.20 with strong volume.
• RSI reached overbought territory, suggesting potential near-term pullback.
• Bollinger Bands widened, indicating rising volatility.
• A key resistance at $24.45 was tested and held.
• Total volume exceeded 300,000, confirming price action.

Ethereum Name Service/Tether (ENSUSDT) opened at $23.25 on 2025-09-17 and closed at $24.26 at 12:00 ET on 2025-09-18. The pair hit a high of $24.51 and a low of $23.05 during the 24-hour period. Total volume amounted to 384,335 units traded, with a notional turnover of $9.88 million.

Structure & Formations

The 15-minute chart displayed a strong bullish trend, marked by a series of higher highs and higher lows after 17:30 ET. A key resistance at $24.45 was tested on two occasions and remained intact, suggesting continued buying pressure. A bullish engulfing pattern formed around 20:30 ET, confirming a shift in momentum. A potential support level emerged at $24.20, which was tested and bounced off twice. A doji at 01:45 ET on the 18th hinted at indecision, but buyers quickly regained control.

Moving Averages

On the 15-minute chart, the 20-period and 50-period moving averages showed a bullish crossover around 19:00 ET, adding to the momentum. The 50-period MA acted as a dynamic support throughout the day, while the 20-period MA remained above it. On the daily chart, ENSUSDT traded above the 50, 100, and 200-period moving averages, indicating a continuation of the bullish trend.

MACD & RSI

The MACD line remained above the signal line for most of the 24-hour window, confirming the bullish momentum. However, the RSI reached overbought territory above 70 on several occasions, particularly after 02:30 ET on the 18th, which may indicate a potential near-term correction. The oscillator has yet to show a bearish divergence, so the uptrend remains intact for now.

Bollinger Bands

Bollinger Bands expanded significantly after the bullish breakout around 19:00 ET, reflecting increased volatility. The price stayed well within the upper band for most of the session, especially during the late-night and early-morning hours. A contraction in the bands occurred briefly around 03:00 ET, suggesting a possible reversal or consolidation phase, though buyers soon pushed the price higher again.

Volume & Turnover

Volume spiked dramatically during the breakout above $24.20, with the largest volume recorded at 18:15 ET on the 17th, where over 56,911 units were traded. Notional turnover mirrored this, peaking at the same time. While price continued to rise after 20:00 ET, volume gradually declined, which could signal exhaustion. However, the overall volume remains elevated, reinforcing the strength of the bullish trend.

Fibonacci Retracements

Applying Fibonacci retracement levels to the swing low at $23.05 and swing high at $24.51, the 38.2% level at $23.74 and 61.8% at $24.15 were both tested during the session. The price found support at the 61.8% level before breaking out again. This suggests that buyers are stepping in around key Fibonacci levels, reinforcing the bullish case for ENSUSDT.

Backtest Hypothesis

A potential backtest strategy could focus on identifying breakout setups at the 61.8% Fibonacci level, combined with a bullish engulfing or a strong volume surge. The 15-minute chart provided multiple instances of such conditions occurring, particularly around 19:30 ET and 20:30 ET, when price surged above key resistance with high volume. If these conditions are met, entering long positions with a stop-loss just below the breakout level could have yielded positive results. The RSI overbought condition and the subsequent divergence could also serve as an exit signal to secure profits or protect gains.