Market Overview for Ethereum/Tether (ETHUSDT) on 2026-01-08

Summary
• ETHUSDT traded in a bearish bias, breaking below key support at $3120.
• High volume consolidation at $3090–3095 suggests potential short-term stability.
• RSI and MACD signal oversold conditions, hinting at possible near-term bounce.
• Volatility expanded in the 14–17:00 ET window, aligning with a sharp price decline.
• Fibonacci levels at $3085 and $3065 could dictate next directional cues.

Ethereum/Tether (ETHUSDT) opened at $3162.24 at 12:00 ET–1 and closed at $3121.24 by 12:00 ET, hitting a high of $3184.39 and a low of $3058.89. Total volume for the 24-hour period was 153,244.35 ETH, with notional turnover reaching $482,179,587. The pair exhibited bearish momentum amid increased volatility.

Structure & Formations

Price formed a bearish engulfing pattern at $3180, followed by a deep retracement to $3058.89. Key support levels emerged at $3120, $3090, and $3065, with resistance retesting at $3130–3140. A potential bullish reversal may develop if price stabilizes above $3100.

Moving Averages

On the 5-minute chart, the 20-period and 50-period moving averages crossed bearishly, confirming short-term downside bias. Daily averages suggest longer-term consolidation around $3150, but 24-hour bearish momentum has shifted price below this.

MACD & RSI

The 5-minute MACD showed bearish divergence as prices fell, while RSI hit oversold territory near 28, suggesting potential near-term rebound. However, the daily RSI remains neutral, indicating the move could be part of a larger correction.

Bollinger Bands

Volatility expanded during the 14–17:00 ET window, with price reaching the lower band at $3058.89. This contraction may indicate a short-term floor forming near $3065, with a potential bounce towards $3100 expected if buyers re-enter.

Volume & Turnover

Volume surged during the decline, with the most activity at $3130–3140. Turnover aligned with price action, showing no major divergence. The highest volume spike occurred at $3155–3160, confirming that resistance held before the breakdown.

Fibonacci Retracements

A 5-minute retracement from $3184.39 to $3058.89 shows key levels at 38.2% ($3126), 50% ($3116), and 61.8% ($3106). A daily Fibonacci retracement from the recent high suggests a possible rebound target near $3110–3115 if bulls reassert control.

Price may consolidate in the $3090–3105 range in the coming 24 hours, but a sustained move below $3070 could extend the correction. Investors should watch volume at key levels to gauge strength or capitulation.