Market Overview: Ethereum/Tether (ETHUSDT) 24-Hour Summary (2025-11-11)

Summary
• ETHUSDT opened at $3,526.33, reached a high of $3,648.27, and closed at $3,509.81, with a low of $3,467.21.
• Strong bullish momentum early in the session gave way to bearish reversal patterns in the afternoon.
• Total volume amounted to 311,660.17, while total turnover reached $1,090,344,820.

Ethereum/Tether (ETHUSDT) opened at $3,526.33 on 2025-11-11 and advanced significantly during the early hours, reaching a peak of $3,648.27 at 01:30 ET. However, a strong bearish reversal took hold from the early afternoon onward, with the pair closing at $3,509.81 at 12:00 ET. Total volume for the 24-hour window was 311,660.17 ETH, with a notional turnover of $1,090,344,820. The session exhibited a clear top-heavy structure, with early bullish momentum and late bearish exhaustion.

Structure & Formations

The 15-minute chart reveals a notable bearish engulfing pattern at 14:45 ET and a long lower shadow at 15:00 ET, signaling bearish conviction. Resistance levels can be identified at $3,620.00 (prior high from 01:30 ET) and $3,580.00, while key support appears at $3,550.00 and $3,500.00. The price action suggests the pair may test these levels in the coming hours, with a potential break below $3,500.00 indicating further downside risk.

Moving Averages

On the 15-minute chart, the 20-period and 50-period moving averages are converging lower, both below the current price, indicating bearish bias. On the daily chart, the 50-period MA at $3,570.00 and the 200-period MA at $3,515.00 suggest a potential support zone around $3,510.00 to $3,530.00, where a bounce or reversal could occur if buyers re-enter the market.

MACD & RSI

The MACD line crossed below the signal line around 14:00 ET, confirming a bearish crossover. RSI dropped from overbought territory (~70 at 01:30 ET) to oversold levels (~30 by 16:30 ET), suggesting exhausted momentum and a potential short-term bottoming process. However, RSI diverged with price after 16:45 ET, hinting at a possible false bounce.

Bollinger Bands

The price moved above the upper band during the morning push and then collapsed back below the lower band in the late afternoon, indicating high volatility and strong trend reversal. The narrow band contraction prior to the morning breakout suggested a potential for increased volatility, which materialized as a sharp pullback.

Volume & Turnover

Volume spiked significantly during the morning hours, particularly at 01:30 ET and 02:45 ET, confirming the bullish breakout. However, volume dropped after 14:00 ET, coinciding with the bearish reversal. This divergence between price and volume signals a potential exhaustion in the bullish trend. Total turnover was in line with average levels for a mid-range ETHUSDT session.

Fibonacci Retracements

On the 15-minute chart, the pullback from $3,648.27 has tested the 61.8% retracement level near $3,550.00, suggesting a possible consolidation zone before further direction is taken. On the daily chart, the broader move from $3,500.00 to $3,648.27 places the 38.2% retracement near $3,580.00, a potential key area for near-term support or resistance.

Backtest Hypothesis

For backtesting, the strategy would benefit from aligning with a known price feed such as “ETHUSDT.BIN” for Binance, which is commonly supported by backtesting engines. The strong morning breakout and afternoon breakdown align with potential long-to-short reversal triggers in a trend-following or mean-reversion strategy. A successful backtest would likely rely on incorporating Bollinger Band exits, RSI divergence triggers, and volume confirmation filters to avoid false signals.