Market Overview for Ethereum/Tether (ETHUSDT) on 2025-11-09

Summary
• ETHUSDT opened at $3379.16 and closed at $3526.78 after a strong rally.
• Total volume reached 139,770.34, while turnover hit $471,655,230.
• RSI approached overbought territory, and momentum accelerated late in the day.

Ethereum/Tether (ETHUSDT) opened at $3379.16 on 2025-11-09 and closed at $3526.78, reaching a high of $3563.65 and a low of $3355.58. The total volume for the 24-hour period was 139,770.34, with a notional turnover of $471,655,230. The price action was driven by a late-day breakout, with a strong rally after 14:30 ET that pushed ETHUSDT to a new high within the period.

Structure & Formations

The price formed a bullish engulfing pattern around $3428–3433, followed by a strong continuation above key resistance at $3460. A minor support level at $3414–3419 held briefly, but the asset broke through with minimal retracement. A large bullish candle at 14:30 ET (143000) marked the decisive move higher.

Moving Averages

The 20-period and 50-period moving averages on the 15-minute chart crossed to the upside in early afternoon trading, confirming the bullish bias. On the daily chart, the 50-period MA crossed above the 200-period MA, signaling a longer-term bullish trend.

MACD & RSI

The MACD histogram expanded positively from midday, indicating growing bullish momentum. The RSI reached 74–76 by the final candle, nearing overbought levels, though the price showed strength to continue higher. Divergences were absent, suggesting the bullish trend remains intact.

Bollinger Bands

Volatility expanded significantly during the late-day rally, pushing the price well above the upper band. The contraction earlier in the session (around $3370–3390) provided a setup for the breakout. The asset remains above the upper band, indicating strong conviction in the move.

Volume & Turnover

Volume spiked sharply during the late-day rally, especially at 143000 and 144500, with turnover reaching $64.2 million and $45.7 million respectively. The volume and price moved in tandem, confirming strength. No notable divergences between volume and price action were observed.

Fibonacci Retracements

On the 15-minute chart, the move from $3355 to $3563 aligned with a 61.8% retracement level near $3460, which was decisively broken. On the daily chart, the 61.8% retracement of the previous bearish swing (not visible in this window) appears to be supporting the current bullish trend.

Backtest Hypothesis

The strong overbought signal in RSI at the end of the 24-hour period aligns with a classic trend-following strategy: buying after a bullish breakout and holding for a defined period. For a practical backtest using ETHUSDT, the standard RSI(14) overbought threshold of 70 would have been triggered at the close of the session, suggesting a potential long entry at the next bar’s open. Assuming a 5-day holding period, a backtest from 2022-01-03 to 2025-11-08 could evaluate the strategy’s performance. Including stop-loss and take-profit levels (e.g., 5% and 10%) would enhance risk control. This approach, while simple, is commonly used and could provide insight into the effectiveness of momentum trading in this pair.

The next 24 hours could see a test of $3570–3580 levels, with the possibility of a pullback to $3460–3480 if the move is extended. Investors should monitor RSI for signs of exhaustion and watch for volume contraction or divergence, which may signal a reversal risk.