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

Summary
• Price dropped from $3167 to $2973, with key support at $3055 and resistance at $3120.
• RSI reached oversold territory near 30, suggesting possible rebound.
• Volume surged during the selloff, confirming bearish momentum.
• Bollinger Bands expanded, indicating heightened volatility.
• A potential bullish engulfing pattern emerged near $3055.

The Ethereum/Tether (ETHUSDT) pair opened at $3092.34 on 2025-12-14 12:00 ET and closed at $2988.93 as of 2025-12-15 12:00 ET, reaching a high of $3167.55 and a low of $2967.28. Total volume for the 24-hour window was approximately 263,744.11 ETH, with a notional turnover of $813,888,483.

Structure & Formations

Price action revealed a bearish breakdown from the $3120–$3150 resistance range, with a key support level forming at $3055 after a failed rebound attempt. A bullish engulfing pattern developed near $3055, suggesting a potential short-term reversal.

Moving Averages

On the 5-minute chart, the 20SMA and 50SMA were both bearish and below price. Daily moving averages (50/100/200) were aligned below the current price, reinforcing a bearish bias.

MACD & RSI

The MACD line crossed below the signal line late in the session, confirming bearish momentum. RSI dipped into oversold territory near 30, hinting at a possible short-term bounce.

Bollinger Bands

Bands were widely expanded, reflecting high volatility during the decline. Price closed near the lower band, consistent with bearish pressure.

Volume & Turnover

Volume surged during the selloff, especially in the 1500–1700 ET timeframe, confirming bearish sentiment. Notional turnover also spiked, aligning with price action.

Fibonacci Retracements

Key Fibonacci levels from the recent swing high of $3167 to the low of $2967 include 61.8% at $3047 and 78.6% at $3011. Price has tested the 61.8% level and may test the 78.6% next.

Looking ahead, Ethereum may find support near $3010–$3055 with a possible short-term bounce if bulls take control. However, risks remain to the downside if bearish momentum resumes. Investors should watch for a break of $3055 as a key signal.