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

Summary
• ETHUSDT tested key support at $2820 before rebounding and forming bullish engulfing patterns in the 5-min chart.
• On the 20-period 5-min MA, price remains above, indicating short-term bullish momentum.
• RSI on 5-min chart reached oversold levels around $2819, followed by a recovery above 50.
• Bollinger Band contraction observed between 21:00–22:00 ET, followed by a price breakout above the upper band.
• Volume surged during the 13:45–14:45 ET window, coinciding with a high of $2992, suggesting strong buying pressure.

The Ethereum/Tether (ETHUSDT) pair opened at $2840.8 on 2025-12-17 at 12:00 ET, reached a high of $2992.0, and a low of $2791.02, closing at $2943.8 at 12:00 ET-1 on 2025-12-18. Total 24-hour volume was 204,122.91 ETH, with a notional turnover of $591,285,516.

Structure & Key Levels

The price moved within a dynamic range, finding key support at $2820 and resistance at $2940 on the 5-minute chart. A bullish engulfing pattern emerged around $2820 in the evening, suggesting short-term buying pressure. A major Fibonacci 61.8% retracement level at $2865 appeared to act as a pivot zone for the pair.

Technical Momentum and Indicators

MACD on the 5-minute chart showed positive divergence as price hit its low at $2799.55 and RSI hit oversold territory, followed by a strong reversal. The RSI climbed above 50 in the following hours, indicating renewed bullish momentum. Bollinger Bands showed a period of contraction in the late evening, which preceded a strong price rebound.

Volume and Turnover Insights

Volume surged significantly during the 13:45–14:45 ET window, coinciding with a breakout above $2940. This suggests institutional or algorithmic buying at higher levels. Turnover remained aligned with price action, with no notable divergences.

The market appears to be consolidating above $2930 ahead of the next 24 hours, with potential for a test of the $2970 level if buyers maintain control. Investors should remain cautious of a pullback to the $2900–2920 range as a short-term risk.