Zcash/Tether Market Overview

• ZECUSDT traded in a volatile range today, forming key support at $50.22–50.25 and resistance at $50.85–51.03.
• A bullish engulfing pattern emerged after a sharp dip in early morning hours, signaling possible short-term recovery.
• Volume spiked at the 04:15 ET session with a large 15-minute bar, closing at $51.31 with 4,099.89 volume.
• RSI showed overbought conditions in the early hours, followed by a retrace into oversold territory by 12:00 ET.
• Bollinger Bands showed a contraction in the overnight session, followed by a price expansion above the upper band in the early morning.

Zcash/Tether (ZECUSDT) opened at $50.63 on 2025-09-17 at 12:00 ET, reached a high of $51.55, a low of $50.09, and closed at $50.25 by 12:00 ET the following day. The pair saw total traded volume of 93,184.39 ZEC and a notional turnover of $4,644,551.51 over the 24-hour period. The 15-minute candles displayed choppy, range-bound action with occasional breakout attempts, particularly in the early morning session.

Structure & Formations

The 24-hour session saw ZECUSDT forming key support levels at $50.22–50.25 and a cluster of resistance between $50.85–51.03. A notable bullish engulfing candle formed at 04:15 ET, following a sharp sell-off, suggesting a possible reversal in short-term sentiment. Additionally, a doji formed at $50.81–50.85 (02:00 ET), indicating indecision and potential consolidation. The price action showed a failed attempt to break above $51.35 and a successful test of support at $50.22, suggesting that traders may be looking for a breakout or breakdown from this range.

Moving Averages

On the 15-minute chart, the 20-period and 50-period SMAs both moved higher during the morning session, with the 20-period SMA showing a slight lead, indicating short-term bullish bias. The price closed slightly above the 50-period line at $50.25. On the daily chart, the 50-period SMA sits around $50.50–50.60, while the 200-period SMA remains higher at $50.80–50.90. This suggests a longer-term bearish trend but with potential for a short-term rebound in the near term.

MACD & RSI

The MACD line showed a bearish crossover in the early morning, followed by a bullish crossover after 04:15 ET, which coincided with the bullish engulfing candle. The RSI moved into overbought territory at 72 early in the morning before retreating into oversold territory by 10:00 ET. This suggests that momentum was shifting from bullish to bearish and back again, with mixed signals for near-term direction. Traders may be watching for a RSI bounce above 50 to confirm a potential reversal.

Bollinger Bands

The Bollinger Bands showed a period of contraction during the overnight session, from 12:00–03:45 ET, followed by a sharp expansion in the early morning. Price closed the session just below the upper band at 04:15 ET, indicating a possible overbought condition. However, the subsequent pullback saw the price fall below the middle band by 11:00 ET. Traders may be looking for a retest of the upper band or a break of the lower band as key decision points for the next 24 hours.

Volume & Turnover

Volume was relatively low during the overnight session but surged at 04:15 ET with the large 15-minute candle. The notional turnover also spiked during that period, with a total of $209,666.27 transacted. Later, during the 03:15–06:00 ET window, turnover declined, and price remained in a range. This suggests that the bulk of the day’s action was driven by a short window of strong buying interest, while the rest of the session was characterized by consolidation.

Fibonacci Retracements

Applying Fibonacci retracement levels to the swing from the high of $51.55 to the low of $50.09, the 38.2% retracement level is at $50.62, and the 61.8% level is at $50.93. The price tested the 38.2% level and bounced slightly before retreating. This suggests that $50.62 could be a key support area for a potential rebound. Conversely, a break below the $50.22–50.25 support could bring in 61.8% retracement levels at $49.83 as a new area of interest for further bearish traders.

Backtest Hypothesis

A backtesting strategy could be constructed using the 15-minute RSI and MACD crossovers as entry signals, combined with Fibonacci retracement levels as stop-loss and take-profit targets. Specifically, a long entry could be triggered when the RSI crosses above 50 and the MACD turns bullish, with a stop-loss placed below the 38.2% Fibonacci level and a take-profit at the 61.8% level. This strategy would align with today's price behavior, where the MACD turned bullish at 04:15 ET and the RSI crossed above 50 in the following hours. Testing this approach over multiple 15-minute candles in a similar volatility environment could help validate its effectiveness.