Market Overview for Ethereum/Tether (ETHUSDT) – 2025-09-17

• Ethereum/Tether (ETHUSDT) traded in a range-bound pattern with a late-night bullish breakout.
• The RSI shows moderate momentum, and Bollinger Bands indicate a recent volatility expansion.
• Volume spiked during the breakout but dipped afterward, suggesting cautious consolidation.
• A bullish engulfing pattern formed during the morning hours, signaling potential reversal.
• Total volume reached 91,045.4369, with turnover of $408,289.62, showing increased participation.

Ethereum/Tether (ETHUSDT) opened at $4452.36 on 2025-09-16 at 16:00 ET and closed at $4491.65 at 12:00 ET on 2025-09-17. The 24-hour range was between $4446.64 and $4557.67, with a total volume of 91,045.4369 and a notional turnover of $408,289.62. Price action showed a late-night rally into the $4550–4560 cluster before consolidating in the morning.

Structure & Formations

The price formed a bullish engulfing pattern in the early morning session (06:00–06:15 ET), confirming a short-term reversal from a bearish trend. A key support level emerged around $4483.71 after a consolidation phase, and a key resistance cluster formed at $4510–4520, which was tested and broken multiple times. A doji near $4490.9 (11:45–12:00 ET) indicates indecision, suggesting a potential consolidation before the next directional move.

Moving Averages

On the 15-minute chart, the 20-period and 50-period moving averages crossed in favor of bullish momentum during the breakout phase. For the daily chart, the 50-period MA sits at $4486.36, and the 200-period MA at $4454.23, with the current price above both, indicating a short-term bullish bias.

MACD & RSI

The MACD turned positive around 02:00 ET, confirming the bullish shift. RSI reached 58.4 by the end of the session, signaling moderate strength and not overbought territory. There was no divergence between RSI and price action, implying a healthy momentum phase.

Bollinger Bands

Bollinger Bands expanded during the breakout phase (02:45–03:00 ET), confirming increased volatility. Price closed above the 15-minute upper band at $4507.65, suggesting strong conviction in the move. A contraction period occurred around 05:00 ET before the next expansion, indicating a possible continuation.

Volume & Turnover

Volume spiked during the late-night breakout, with a high of $11,499.46 at 07:00 ET. Notional turnover followed the same trend, confirming the price action. However, after 08:00 ET, volume declined despite continued bullish movement, indicating a potential pause in conviction. A divergence between price and volume may suggest a temporary pause in the upward trend.

Fibonacci Retracements

On the 15-minute chart, the price found support at the 38.2% level of the $4462.63–$4491.01 swing before breaking higher. On the daily chart, the $4491.65 close aligns with the 61.8% retracement level of the previous week’s decline, signaling a potential target for further upside.

Backtest Hypothesis

Given the formation of the bullish engulfing pattern and the breakout above the 15-minute upper Bollinger Band, a potential strategy could be to enter long on a breakout above the 15-minute high of the candle closing at $4514.9. A stop-loss can be placed below the 20-period moving average at $4507.29 to mitigate risk. This approach leverages the breakout confirmation and aligns with the current momentum as indicated by the RSI and volume confirmation.