Market Overview for Ethereum/Tether (ETHUSDT): Bullish Breakout Confirmed

Summary
• ETHUSDT rose from $3180.90 to $3308.86, showing a bullish breakout with high volume.
• Strong momentum in RSI and MACD confirmed buying pressure above $3250.
• Volatility expanded during a Bollinger Band breakout, supporting higher highs.
• Divergences in turnover flagged consolidation phases around key resistance.
• Fibonacci retracement levels suggested support at $3230 and resistance near $3275.

Ethereum/Tether (ETHUSDT) opened at $3180.90 on 2026-01-05 at 12:00 ET and surged to a high of $3308.86. The pair closed at $3251.97 at 12:00 ET on 2026-01-06, with a low of $3159.48. Total volume reached 169,393.89, and notional turnover hit $554,544,724.81 over the 24-hour period, reflecting significant market participation.

Structure & Formations

Price formed a bullish continuation pattern following a deep pullback to $3159.48, which acted as a key support. The subsequent breakout above $3250 confirmed a shift in momentum. A large bullish engulfing pattern emerged around 2026-01-06 at 14:30 ET, followed by a test of $3275—a Fibonacci 61.8% retracement level—which held briefly before a pullback.

Moving Averages

On the 5-minute chart, the 20-period and 50-period moving averages were bullish aligned, with price consistently above both. On the daily chart, price remained above the 200-period MA, indicating a longer-term uptrend.

MACD & RSI

MACD turned positive in the final hours, reflecting accelerating bullish momentum. RSI climbed to overbought territory in the last 5–6 hours, reaching 72, but did not signal a reversal, suggesting strong conviction in the move.

Bollinger Bands

Volatility expanded dramatically during the final 3–4 hours of the session, with a clear breakout above the upper band. Price remained within the bands for most of the session but showed a strong rejection at the lower band during the initial pullback.

Volume & Turnover

Volume spiked sharply during the breakout above $3250 and again during the high at $3308.86. Notional turnover confirmed the strength of the move, with no divergence observed between price and turnover during these phases.

Fibonacci Retracements

A key retracement level at $3230.93 (61.8%) held on a pullback, confirming short-term support. The 38.2% level at $3253.34 coincided with the 5-minute swing high, reinforcing potential resistance ahead.

Price appears poised to test the next Fibonacci level at $3284.82 if buyers remain aggressive. However, a pullback below $3230.93 could signal a retest of the 20-period MA for direction. Investors should monitor volume and RSI for early signs of exhaustion in the next 24 hours.