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

Summary
• ETHUSDT formed a bullish engulfing pattern near $2930 after a test of key support.
• Price closed near 20-period MA with RSI in neutral territory, suggesting balanced momentum.
• Volume surged during the final 3 hours, but turnover failed to confirm the move above $2980.
• Volatility expanded during the $2950–$3000 range, pushing price to upper Bollinger Bands.
• A 61.8% Fib level near $2975 may act as a pivot point in near-term directional bias.

Ethereum/Tether (ETHUSDT) opened at $2933.59, reached a high of $3003.66, and fell to a low of $2914.24 before closing at $2982.75 at 12:00 ET. Total volume for the 24-hour period was 85,459.88 ETH, with notional turnover of $248,148,882.42.

Structure and Pattern Analysis

Price tested a key support zone near $2930 early in the session and formed a bullish engulfing pattern on the 5-minute chart, indicating short-term buying interest. The structure showed consolidation around $2935–2940 before a sharp breakout above $2950, which led to a test of $3003.66. A notable bearish divergence emerged between price and RSI in the final hour, suggesting potential for a correction.

Moving Averages and Momentum

The 20-period and 50-period moving averages converged near $2935–2940, reinforcing the $2935–2940 range as a key area. RSI fluctuated between 45 and 65 throughout the day, signaling balanced momentum without strong overbought or oversold conditions. MACD crossed into positive territory during the breakout, confirming short-term bullish bias but lost strength toward the close.

Volatility and Turnover

Bollinger Bands widened as price surged toward $3000, indicating rising volatility. Price closed just below the upper band at $2982.75, suggesting the move may continue to test the $3010–3020 level. Notional turnover spiked during the breakout phase but declined after $3000, signaling waning conviction. Volume and turnover diverged in the final hour, raising caution about the sustainability of the move.

Fibonacci Retracements and Key Levels

The recent swing from $2914.24 to $3003.66 defined a key Fibonacci structure. The 61.8% retracement level sits near $2975, which could act as a pivot point. A breakdown below this level could retest $2950 and then $2930–2935, while a close above $3003.66 would aim for $3020–3030.

The market appears to be consolidating after the $3000 high, with indicators suggesting a possible pullback or continuation depending on liquidity at key Fib and MA levels. Investors should remain cautious, as divergence between volume, RSI, and price action indicates potential for short-term volatility.