Market Overview: Ethereum/Tether (ETHUSDT) 24-Hour Action

Summary
• ETHUSDT surged past $3,200 after forming a bullish continuation pattern.
• Volatility expanded sharply, with volume and turnover aligning on the long side.
• RSI remains in overbought territory, suggesting potential pullback risk ahead.
• Bollinger Bands contracted earlier, signaling a potential breakout that materialized.
• A 61.8% Fibonacci level at ~$3,165 appears to have acted as support.

At 12:00 ET–1, ETHUSDT opened at $3,127.37 and closed at $3,366.02 after a strong 24-hour rally. The pair touched a high of $3,377.90 and a low of $3,077.20. Total volume reached 925,712.81 ETH, while notional turnover totaled $2.94 billion, showing strong participation in the upward move.

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Structure & Formations

The 5-minute chart showed a strong bullish continuation pattern around the 17:00–19:00 ET window, with a series of higher highs and higher lows after a brief consolidation. A key support level emerged near the 61.8% Fibonacci retracement at ~$3,165, which held on the way back up. A doji formed briefly near $3,130, signaling hesitation but not reversal. The price eventually broke above the prior day’s high, forming a clear bullish trendline break.

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Moving Averages and Momentum

The 20-period and 50-period moving averages crossed to the upside, confirming the bullish bias. The 50-period moving average on the daily chart is now being tested as a potential support. The MACD crossed above the signal line with rising histogram bars, suggesting strengthening bullish momentum. The RSI, currently at 68, remains in overbought territory, indicating potential for a near-term correction or consolidation.

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Volatility and Bollinger Bands

Volatility increased significantly, with Bollinger Bands expanding from a mid-day contraction. Price traded near the upper band in the final hours, confirming a breakout. The width of the bands increased by nearly 20% from midday to 16:00 ET, aligning with the large bullish move.

Volume and Turnover

Volume and notional turnover both surged in the final 3 hours of the window, with the largest single 15-minute candle (15:45–16:00 ET) printing a volume of 40,747.3724 ETH and a high of $3,256.88**. This confirmed the strength of the move. There was no noticeable divergence between volume and price action, supporting the bullish narrative.

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Forward-Looking View

With the price above key resistance levels and momentum remaining strong, ETHUSDT may test $3,400–$3,500 in the next 24 hours. However, a pullback to the 50-period moving average or the 61.8% Fibonacci level (~$3,165–$3,250) could present a short-term consolidation period. Investors should monitor the RSI for potential overbought signals and watch for any divergence in volume.