Market Overview for Ethereum/Tether (ETHUSDT)

Summary
• ETHUSDT opened at $3515.1 and closed at $3510.58, with a 24-hour high of $3653.16 and low of $3507.3.
• Price tested multiple key resistance levels and formed bearish patterns, signaling potential continuation of downward momentum.
• Volatility expanded mid-day, followed by a pullback into a consolidation phase with mixed volume dynamics.

Ethereum/Tether (ETHUSDT) opened at $3515.1 on the previous day and closed at $3510.58 on 2025-11-10 at 12:00 ET. The pair reached an intraday high of $3653.16 and a low of $3507.3 during the 24-hour period. The total traded volume was 246,117.97 ETH, and the notional turnover amounted to approximately $873,350,638.25.

Structure & Formations

Price action showed a strong break and retest of key resistance levels, notably at $3600–$3650. A bearish engulfing pattern formed around the high of $3653.16, signaling potential exhaustion of buyers. The closing candle of the 24-hour period was a doji-like formation, indicating indecision and potential consolidation ahead.

Moving Averages

On the 15-minute chart, price closed just below the 20-period and 50-period moving averages, suggesting a short-term bearish bias. On the daily scale, the 50-period MA sits at $3550, and the 200-period MA at $3540, indicating a possible support cluster. Price remains above the 100-period MA, suggesting intermediate-term support holds.

MACD & RSI

The MACD turned negative mid-day and crossed below the signal line, reinforcing bearish momentum. The RSI reached a high of 65, showing overbought conditions earlier in the session, but has since pulled back below 50, suggesting a return to neutral territory. Momentum appears to be shifting from bullish to bearish.

Bollinger Bands

Volatility expanded significantly when price hit $3650, pushing the bands wide. Price then retracted sharply, closing near the lower band at $3510.58, suggesting bearish pressure and a potential setup for a bounce or continuation.

Volume & Turnover

Volume spiked during the breakout to $3653.16 but declined sharply during the subsequent pullback, indicating lack of follow-through from buyers. Notional turnover mirrored the volume trend, with a peak around $3630 and a sharp drop-off during the consolidation phase.

Fibonacci Retracements

On the 15-minute chart, the recent high at $3653.16 and low at $3507.3 define a key swing. Price closed near the 61.8% retracement level at $3580.58, suggesting a potential support zone. On the daily chart, the 38.2% level at $3560.2 and 61.8% level at $3542.3 also appear relevant as possible support targets.

Backtest Hypothesis

The provided backtest strategy applies default risk controls (8% stop-loss, 10% take-profit, 60-day max hold, 20% max drawdown) to the ETHUSDT pair. Given the current technical setup — including bearish momentum, overbought correction, and volume divergence — this strategy would likely have triggered a sell signal around the $3653.16 high. A retest of the 61.8% Fibonacci level at $3580.58 or the 50-period MA at $3550 could offer potential entries for short-term traders if bearish conditions persist. The strategy’s assumptions align with the technical signals seen in the 24-hour data, particularly the bearish engulfing pattern and weakening momentum.