Ether's 2,749 thrust gets sold back through 2,700
Ether rallied to 2,749 in the latest stretch, tagging the top of a multi-day range before heavy selling dragged it back to 2,677. The session's point of control sits at 2,700 — now overhead — with aggressive selling delta through the final hours. Cumulative delta has bled lower, so this fade reads as supply into the highs rather than fresh demand.
Full analysis
ETHUSDT Desk Read — the rejected thrust
Angle this run: a break-out that found no follow-through. Prior posts framed the market as bleeding lower under a heavy tape with bounces sold; this window flipped the script — Ether finally pushed up and out of the range, printed a fresh multi-day high near 2,749, and then got completely unwound in a matter of hours. The tape did all its work in one direction and then spent the rest of the session giving it back. This is a failed upside resolution, not a one-way grind.
12-hour candles (Binance, 720m)
| Window (UTC) | Open | Close | High | Low | Volume (ETH) |
|---|---|---|---|---|---|
| Sep 28 12:00 | 2,667.87 | 2,687.55 | 2,720.00 | 2,648.27 | 8.37M |
| Sep 29 00:00 | 2,687.56 | ~2,731 (mid-session) | 2,738.00 | 2,650.50 | 6.88M so far |
The prior twelve-hour candle was the distribution bar — it opened at 2,668 and spent its high at 2,720 on heavy turnover. The current candle opened at 2,687, drove to a 2,738 print (2,749 on the intraday tape), and has since reversed all the way back through the open. Net on the twelve-hour horizon this is a round trip: the market traded a forty-dollar range and is handing most of it back.
Last 6 hours — 15m tape (Binance)
The push higher had the volume behind it — the 12:15 bar alone printed ~440K ETH, the heaviest fifteen-minute slice of the run. But the follow-through faded fast: after tagging 2,749 the market sat for an hour and a half, then broke down through 2,720 and never recovered.
Delta — the giveaway
| 15m block (UTC) | Volume (ETH) | Delta | CVD |
|---|---|---|---|
| 14:45 | 34.3K | −3,058 | 72,659 |
| 15:00 | 154.6K | −24,545 | 69,603 |
| 15:15 | 180.3K | −27,255 | 40,030 |
| 15:30 | 73.7K | +15,326 | 36,338 |
| 15:45 | 3.3K | +363 | 37,298 |
The final two down-bars printed roughly −52K of combined delta on nearly 335K of volume — the strongest selling aggressor flow of the entire six-hour window. The bounce that followed (15:30) was thin, only +15K, and stalled almost immediately. Cumulative delta has collapsed from ~72.7K to ~37.3K, confirming the move down was initiative selling, not a vacuum.
Session volume profile (daily, Sep 29)
The session POC is 2,700 — exactly where price traded for most of the run and exactly where it broke down from. Price is now below POC, sitting near 2,678, and the value area extends down to 2,651. The market is trading in the lower half of its own value area with the dominant traded level overhead as resistance.
Session tone
The level to watch is 2,700: hold below it and the fade extends toward the value-area low at 2,651, with 2,638—2,650 as the next shelf. A recovery back above 2,700—2,717 would put the failed-breakout thesis in question and invite a retest of 2,749. Until then the tape reads as supply absorbed at the top, and that is not the posture of a market preparing to extend higher.