Market Overview for Ethereum/Tether (ETHUSDT) on 2025-12-23

Summary
• ETHUSDT formed a bearish engulfing pattern after 19:00 ET as price dropped from 3048.75 to 2980.44.
• 5-minute RSI hit 28, suggesting oversold conditions by 20:30 ET with no immediate rebound.
• Volume increased significantly during the 20:00–21:00 ET window, confirming bearish momentum.
• Price tested 3000.0 psychological level multiple times but failed to break above.
• Bollinger Bands showed a moderate expansion post-20:00 ET with price near the lower band.

Ethereum/Tether (ETHUSDT) opened at 3043.59 on 2025-12-22 at 12:00 ET, reached a high of 3048.75, dropped to a low of 2900.93, and closed at 2973.63 by 12:00 ET on 2025-12-23. Total volume across the 24-hour 5-minute candles was 220,514.17 ETH, with notional turnover at $655,711,931.

Structure & Formations

Price formed a strong bearish engulfing pattern between 19:00–20:00 ET after reaching a 24-hour high near 3048.75. The structure was confirmed by a sharp decline, reaching as low as 2980.44 within the next hour. A potential support level appears to form around 2960–2970, where price stabilized after multiple test attempts. A key resistance level remains at 3010–3015, which has historically prevented further upside momentum.

Moving Averages

On the 5-minute chart, price closed below the 50-period moving average and has been trending lower toward the 20-period MA, reinforcing the bearish bias. Daily moving averages suggest a more neutral stance, but the 200-period MA remains well above current levels at approximately 3060, indicating short-term bearish pressure.

MACD & RSI

MACD lines showed a negative crossover just after 19:00 ET and have remained below the signal line since, suggesting continued bearish momentum. RSI dipped below 30 around 20:30 ET, signaling oversold conditions, but failed to generate a convincing rebound above 40, implying exhaustion on the long side.

Bollinger Bands

Volatility expanded significantly after 20:00 ET, with price trading near the lower Bollinger Band. This suggests a period of consolidation or a potential reversal may be ahead. However, the lack of a strong rebound indicates that bearish pressure could continue in the near term.

Volume & Turnover

Volume spiked sharply between 20:00–21:00 ET with over 15,000 ETH traded during a 45-minute window. This aligns with the price drop from ~3010 to ~2970. However, turnover did not show a corresponding increase, indicating that the drop might have been driven by larger players rather than broad market participation.

Fibonacci Retracements

Applying Fibonacci to the key 5-minute swing from 3048.75 to 2980.44, price has retested the 61.8% retracement level near 3016–3018 without breaking through. A failure to reclaim this level could signal further bearish pressure toward the 38.2% retracement at 2993–2995.

Ethereum/Tether appears to be in a short-term bearish phase, with key support levels forming around 2960–2970 and resistance at 3010–3015. A break below 2960 could trigger a deeper correction toward 2930–2940. Investors should monitor volume and RSI divergence for potential reversal signals but remain cautious ahead of any further downside.