Market Overview: Ethereum/Tether (ETHUSDT) – 24-Hour Action Capped Near 3335

Summary
• ETH/USDT traded in a tight range between $3253 and $3335, failing to break key levels.
• A bearish engulfing pattern formed near $3330–$3319, hinting at near-term distribution.
• Volatility expanded sharply in the late ET session as volume surged past 17,000 ETH.
• RSI dipped below 40, suggesting potential oversold conditions after the selloff.
• Price tested the 50-period MA on the 5-min chart but failed to regain momentum above it.

Ethereum/Tether (ETH/USDT) opened at $3321.03 at 12:00 ET − 1, reaching a high of $3337.5 before retreating to a low of $3258.76 and closing at $3279.03 at 12:00 ET. Total volume for the 24-hour period was 73,933.45 ETH, with notional turnover exceeding $242 million.

Structure and Key Levels

The price action formed a bearish consolidation pattern, with a failed breakout attempt near $3330–$3319. A bearish engulfing pattern and a potential doji at $3300–$3293.66 signaled weakening bulls. The 20- and 50-period moving averages on the 5-min chart acted as immediate resistance during the early ET push. Support was found near the $3285–$3290 cluster, where the price bounced multiple times.

Momentum and Volatility

Relative Strength Index (RSI) dipped to 39 in the late ET hours, indicating oversold conditions, but failed to generate a meaningful rebound. The MACD line crossed below the signal line, confirming bearish momentum. Volatility surged in the last few hours of the NY session, with a contraction in Bollinger Bands followed by a sharp expansion, suggesting a possible continuation move downward.

Volume and Turnover Dynamics

Trading volume spiked to 17,893.47 ETH during the late ET selloff as prices dropped below $3290. This was accompanied by a turnover spike of over $58.6 million. However, prices continued lower despite the heavy volume, suggesting a lack of buying interest at key levels.

Key Fibonacci and Reversal Potential

A Fibonacci retracement from the $3335–$3259 move showed 61.8% at $3287.8, where the price found initial support but broke through late in the session. The 38.2% level at $3298.8 held briefly but was ultimately rejected. A potential reversal may form near the $3260–$3275 zone, depending on how volume reacts in the next 24 hours.

Ethereum may continue to consolidate in a tight range near $3275–$3290, with a higher likelihood of testing the $3250 psychological level if bearish momentum persists. Investors should remain cautious of a breakdown below $3260, which could accelerate near-term selling pressure and expose key swing-level supports.