Market Overview: Ethereum Name Service/Tether (ENSUSDT)

Summary
• Price opened at $9.91 and formed a bullish engulfing pattern at 17:15 ET, followed by a sharp decline into the night.
• Momentum shifted multiple times, with RSI hitting overbought and oversold levels, suggesting volatile short-term sentiment.
• Volatility expanded significantly after 16:30 ET, with a 15-minute candle dropping from $9.72 to $9.56 amid surging volume.

Ethereum Name Service/Tether (ENSUSDT) opened at $9.91 on 2025-12-16 at 12:00 ET and traded as high as $10.24 before closing at $9.64 by 12:00 ET on 2025-12-17. Total volume for the 24-hour period reached 168,210.49, with a turnover of approximately $1,686,000 (based on average price of ~$10.00).

Structure & Formations

Price showed early bullish intent with a strong 17:15 ET candle that closed at $10.18 after opening at $10.03, forming a bullish engulfing pattern. However, bearish pressure grew after 20:00 ET, culminating in a sharp drop to $9.58 between 16:30 and 16:45 ET. Key support was found around $9.80–$9.85, which held multiple times during the decline.

Moving Averages

On the 5-minute chart, 20-period and 50-period moving averages showed bearish crossover activity after 02:00 ET. Daily averages (50/100/200) are not fully available in this dataset, but the overall direction appears to be bearish from a 24-hour perspective.

Momentum and Volatility

Relative Strength Index (RSI) fluctuated between overbought and oversold levels, reaching a high of ~75 near $10.24 and a low of ~25 near $9.56. This suggests mixed momentum with no clear directional bias. Bollinger Bands expanded during the late-night selloff, indicating rising volatility.

Volume and Turnover

Volume surged during the sharp decline, peaking with the 16:30 ET candle at $9.72, which saw a volume of 9,526.87. Notional turnover spiked alongside the drop, confirming the bearish move. Price and turnover remained in sync, showing no divergence in conviction.

Fibonacci Retracements

A key 5-minute swing from $9.91 to $10.24 saw a retest at $9.95 (38.2% retracement) and $9.80 (61.8% retracement). These levels acted as support during the selloff, suggesting they could offer temporary floors ahead.

Looking ahead, ENSUSDT appears to be consolidating around $9.64–$9.85 with potential for a bounce from recent support levels. However, traders should remain cautious as volatility remains high, and a break below $9.60 could signal further downward pressure in the next 24 hours.