Market Overview for Ethereum Name Service/Tether (ENSUSDT)

Summary
• Price surged above 10.40 after a bullish engulfing pattern at 10.33-10.36.
• RSI entered overbought territory, indicating potential near-term profit-taking.
• Volume and turnover rose significantly, especially in the final 5-hour window.
• Bollinger Bands expanded, confirming increased volatility and strong directional bias.
• 50-period MA on 5-min chart crossed above price, suggesting short-term bullish momentum.

Ethereum Name Service/Tether (ENSUSDT) opened at $10.09 on January 16, 2026 (12:00 ET – 1), and closed at $10.52 by 12:00 ET on January 17. The price reached a high of $10.57 and a low of $10.03 during the 24-hour window, with total volume of 110,123.35 and turnover of $115,091.82.

Structure & Formations

The price action displayed a strong bullish engulfing pattern between 10.33 and 10.36, followed by a sharp upward breakout above 10.40. A doji at 10.46 on the 5-minute chart hinted at a potential pause or consolidation. Support levels appear to form at 10.32 and 10.28, with 10.16 acting as a previous floor.

Moving Averages

The 50-period and 20-period moving averages on the 5-minute chart showed bullish crossover above price during the afternoon ET push. On the daily chart, the 50-period MA is approaching the 100-period MA, suggesting the trend could remain upward in the near term.

MACD & RSI

The MACD crossed above the signal line early in the session, confirming bullish momentum. RSI pushed into overbought territory above 75, indicating potential profit-taking or a short-term pullback. However, the sustained price action above the 20-period MA suggests strong conviction in the current move.

Bollinger Bands

Bollinger Bands expanded significantly during the final 8 hours of the session, confirming increased volatility and directional bias. Price remained well above the midline for most of the day, reinforcing the bullish momentum.

Volume & Turnover

Volume and turnover spiked dramatically in the final 5-hour window, with a large volume print at 10.57 marking the high of the session. Notional turnover reached $87k at 15:15 ET, confirming strong conviction behind the breakout. The increase in volume aligned with the price rise, indicating healthy participation and less likelihood of a false break.

Fibonacci Retracements

Key Fibonacci retracement levels on the 5-minute chart showed price testing and holding above the 61.8% level at 10.38 during a pullback. The 10.40-10.46 range corresponds to the 78.6% and 127.2% extension levels, suggesting strong continuation potential unless a reversal pattern forms near 10.57.

The 24-hour move appears to indicate a shift in sentiment from cautious to bullish, with strong volume and momentum supporting the rally. Over the next 24 hours, a test of the 10.57 high could occur, but a pullback to 10.42 or 10.38 may also be possible as traders take profits. Investors should watch for any bearish divergence in RSI or volume contraction, as these may signal a near-term pause.