Market Overview for Ethereum Name Service/Tether USDt

• Price action on ENSUSDT showed a strong bullish reversal from early morning lows.
• Volatility expanded significantly during the late New York session with key resistance tested.
• RSI and MACD confirmed positive momentum despite intraday consolidation.
• Turnover spiked during a 22.40–22.57 range, aligning with volume surges.
• Price remains above key support at 22.10–22.15, suggesting potential for a bullish breakout.

Ethereum Name Service/Tether USDt (ENSUSDT) opened at 22.14 on 2025-09-05 at 12:00 ET. The pair hit a high of 22.57 and a low of 22.10 before closing at 22.22 on 2025-09-06 at 12:00 ET. Total volume for the 24-hour window was 32,452.97, with a notional turnover of $726,415.88.

Structure & Formations

Price action displayed a strong bullish reversal pattern from a 22.10–22.15 support level, particularly visible in the 04:15–06:00 ET window, with a large bullish engulfing pattern forming as buyers retook control. A key bearish divergence was observed between the 01:30 and 02:00 ET candles, where price dipped but failed to confirm with volume. A doji at 22.22 around 04:00 ET suggested indecision after a sharp upward move.

Moving Averages

On the 15-minute chart, price remained above both the 20 and 50-period moving averages for most of the session, confirming bullish bias. The 20-period MA crossed above the 50-period MA mid-morning, forming a “golden cross” at 22.25–22.30. On the daily chart, ENSUSDT closed above the 50- and 100-period MAs, but remained below the 200-period MA, which currently sits at 22.00, acting as a key long-term support.

MACD & RSI

The MACD showed positive momentum from 18:00 to 04:00 ET, with bullish crossovers and expanding histogram bars. RSI remained in overbought territory (above 65) for over 8 hours during the late New York and early London sessions, before cooling to neutral levels. Despite the overbought condition, price showed strength and buyers stepped in to re-establish dominance above 22.30.

Bollinger Bands

Bollinger Bands expanded significantly during the 19:00–21:00 ET window as volatility increased with the price testing the upper band at 22.40–22.57. Following the consolidation around 22.22–22.27, the bands began to contract, suggesting a potential breakout or breakout failure in the near term. Price remained within the bands for most of the session, with the lower band acting as support near 22.10–22.15.

Volume & Turnover

Volume spiked sharply during the 19:30–21:00 ET window when the pair traded in a 22.38–22.57 range, with the 20:45–21:00 ET candle alone accounting for 2,055.12 in volume. Turnover also spiked during this period, confirming bullish conviction. A divergence was noted during the 02:00–04:00 ET window, where price advanced but with lower volume, hinting at a potential exhaustion phase.

Fibonacci Retracements

Fibonacci levels from the 22.10–22.57 swing showed a strong reaction at the 61.8% retracement (22.33–22.35), where price consolidated before pushing higher. The 38.2% retracement (22.28) acted as a minor resistance but was cleared during the late London session. On the daily chart, the 50% retracement from the 22.00–22.57 range now sits at 22.28–22.30, a critical level for near-term direction.

Backtest Hypothesis

A potential backtest strategy could target long entries on a bullish breakout above 22.30–22.35, with initial stop-loss below the 22.22–22.27 support zone. A 5% trailing stop and target of 22.45–22.50 would aim to capture the momentum from the recent bullish reversal pattern and the overbought RSI correction. The strategy would likely include volume confirmation—only entering when volume rises above the 24-hour average. Given the current setup, the pair is in a favorable position for a breakout trade, with a high probability of sustaining a bullish trend in the next 24–48 hours if key resistances are cleared and volume supports the move.