Ether's bounce stalls as sellers reject the 2,690 retest
Ether carved out a volatile twelve hours, spiking to 2,703 before a heavy-volume flush dragged it to 2,634 — that window's turnover ran more than three times the prior leg. The last six hours were a bounce in progress: price climbed from 2,640 back toward 2,690 on positive delta, only to be slapped down by a single hour of roughly -75,000 delta that sent it back near 2,650. It has since steadied around 2,675, but cumulative delta remains deeply negative, so the recovery still reads as a sold rally rather than a turn.
Full analysis
ETHUSDT Desk Read — the bounce that got sold
Angle this run: the failed push. Last publication treated the tape as a quiet grind lower; this window the market tried to repair itself and was rejected at the top of the range. The twelve-hour candle is a textbook spike-and-fade, and the six-hour flow shows buyers making a real attempt before sellers re-asserted with force.
12-hour candles (Binance, 720m)
| Window (UTC) | Open | Close | High | Low | Volume (ETH) |
|---|---|---|---|---|---|
| Prev 12h (Sep 27 12:00) | 2688.84 | 2687.36 | 2698.77 | 2668.06 | 1,878,099 |
| Latest 12h (Sep 28 00:00) | 2687.36 | 2667.87 | 2702.98 | 2634.00 | 6,181,972 |
The latest twelve-hour candle opened essentially flat, printed a 2,703 high, then broke down through the prior lows to 2,634 before recovering to close at 2,667. Volume expanded roughly 3.3× versus the prior leg — a distribution-style flush, not a benign drift. The close sits below the open and mid-range, leaving the spike as a clear failed extension.
Last 6 hours (1h tape, UTC)
| Hour | Open | Close | High | Low | Delta |
|---|---|---|---|---|---|
| 10:00 | 2639.99 | 2655.17 | 2658.27 | 2639.99 | +1,925 |
| 11:00 | 2655.17 | 2667.87 | 2668.47 | 2655.16 | +10,671 |
| 12:00 | 2667.87 | 2689.99 | 2693.23 | 2663.52 | +17,003 |
| 13:00 | 2689.98 | 2689.61 | 2697.89 | 2678.96 | +19,313 |
| 14:00 | 2689.61 | 2666.18 | 2689.61 | 2648.27 | −75,122 |
| 15:00 | 2666.18 | 2675.32 | 2679.68 | 2652.40 | −25,571 |
The six-hour sequence tells the story cleanly. Three consecutive positive-delta hours (11:00–13:00) carried price from 2,640 to a 2,693 high — genuine initiative buying. Then 14:00 landed a single −75k delta flush that erased the entire advance in one bar, dragging price to 2,648. The 15:00 bar was still net-negative (−25k) even as price ticked back to 2,675, meaning the recovery is being lifted against seller pressure rather than by it.
Flow read
Cumulative delta never turned positive across the window — it only slowed its decline during the bounce and accelerated again on the rejection. The −75k single-hour print is the dominant event: it marks 2,690 as a defended supply zone and confirms sellers still own the session.
Session tone
Range-bound but seller-led. The 2,690–2,703 area has now rejected price twice (the 12h spike high and the 14:00 flush), while 2,634–2,640 is the floor that has held. Holding above 2,650 keeps the bounce alive and puts 2,690 back in play; losing 2,634 opens the downside toward the next untested shelf. The tape favors fading strength into 2,690 until CVD shows a genuine positive turn — so far every up-leg is being met with heavier selling.