Market Overview for Ethereum/Tether (ETHUSDT): 24-Hour Technical Analysis as of 2025-11-08

• Price surged to $3,473.00 before consolidating into a key resistance zone.
• Momentum indicators signal overbought conditions, with RSI nearing 70.
• Volume and turnover spiked in the afternoon, confirming strength during rally.
• A 15-minute bearish engulfing pattern emerged near $3,445, hinting at near-term pullback risk.
• Bollinger Bands show a recent volatility contraction, suggesting an imminent breakout.

The Ethereum/Tether (ETHUSDT) pair opened at $3,310.31 on 2025-11-07 at 12:00 ET and reached a high of $3,473.00 during the session, before closing at $3,413.03 on 2025-11-08 at 12:00 ET. The pair traded between $3,295.69 and $3,473.00, with a total 24-hour volume of 114,286.38 ETH and a notional turnover of $381,248,854.07.

Structure & Formations

ETHUSDT displayed a strong rally from $3,310 to $3,473, forming a bullish continuation pattern that capped out near $3,473. A notable bearish engulfing pattern formed at $3,445 around 15:15 ET, suggesting a potential short-term reversal. Key support levels emerged at $3,421 and $3,390, while resistance levels formed at $3,445 and $3,473.

Moving Averages

On the 15-minute chart, the price crossed above the 20-period and 50-period SMAs, indicating a bullish bias for intraday traders. For daily traders, the 50-day and 100-day SMAs intersected near $3,395, suggesting a potential consolidation phase after the recent rally.

MACD & RSI

The MACD line showed a strong positive divergence, reinforcing the bullish momentum. RSI climbed close to overbought territory, hitting 70. This suggests the market is stretched, with a high probability of a pullback or consolidation before the next leg higher.

Bollinger Bands

Bollinger Bands exhibited a recent contraction in volatility, indicating a potential breakout or breakdown scenario. Price is currently sitting near the upper band at $3,473, which may act as a key resistance level if the volatility expands to the upside.

Volume & Turnover

Volume spiked significantly between 18:00 and 21:00 ET, confirming the strength of the rally. Turnover reached $19.5 million in a 15-minute window as the price hit $3,473. A divergence is visible between price and volume during the pullback phase, hinting at potential distribution from short-term traders.

Fibonacci Retracements

Using the recent swing from $3,295.69 to $3,473.00, the 61.8% retracement level is at $3,421.00, where the price found support multiple times. The 38.2% level is at $3,448.50, acting as a potential resistance ahead of the 50% level at $3,457.50.

Backtest Hypothesis

To refine the analysis, a backtesting strategy has been proposed that requires valid RSI data for ETHUSDT. The data source is unable to retrieve RSI values for the symbol in its current format, which suggests the need to adjust the ticker format (e.g., “ETH-USD” or “ETHUSDT.BINANCE”) or manually input RSI overbought dates. Once this data is available, we can backtest the efficacy of using RSI(14) overbought levels (above 70) as sell signals. This would complement the current bullish momentum indicators and help assess potential reversal points.