Ether flushes to 2292 then snaps back toward 2370
Ether bled lower through the first half of its 12-hour candle, tagging a 2292.20 low on 6.99M ETH of turnover before closing at 2324.26 — a clean downside flush. The final six hours flipped the tape, with buyers stepping in to lift price from roughly 2320 back toward 2370 on heavy volume. Delta turned sharply positive in the last two hourly bars, signaling initiative buying off the lows.
Full analysis
ETHUSDT Desk Read — the flush that got bought back
Angle this run: a downside flush met by aggressive dip-buying. Last cycle framed a whipsaw that resolved to nothing. This window is the opposite shape — the 12-hour candle actually *did* something (it broke down), and then the back half of the tape violently reversed that move. The story is not a quiet grind but a failed flush: sellers drove price to a fresh low, and buyers absorbed it within hours.
12h vs 6h comparison
| Window | Open | Close | High | Low | Range | Volume (ETH) |
|---|---|---|---|---|---|---|
| Previous 12h | 2334.01 | 2358.55 | 2391.49 | 2325.73 | 65.76 | 4,573,020 |
| Latest 12h | 2358.56 | 2324.26 | 2360.38 | 2292.20 | 68.18 | 6,987,499 |
| Last 6h | 2320.60 | 2367.86 | 2372.42 | 2312.25 | 60.17 | ~4,690,000 |
The latest 12-hour candle closed 34 points below its open, but that headline masks the real structure: the low of 2292.20 was printed mid-session, and the final six hours reclaimed roughly 48 points off that bottom. Volume expanded markedly — 6.99M ETH versus 4.57M in the prior window — which is the signature of a flush-and-reverse rather than a slow bleed.
The last six hours, hour by hour
| Hour (UTC) | Close | Δ | Volume (ETH) |
|---|---|---|---|
| 10:00 | 2328.19 | +7.59 | 349,527 |
| 11:00 | 2324.26 | −3.94 | 431,751 |
| 12:00 | 2322.15 | −2.11 | 419,352 |
| 13:00 | 2326.36 | +4.21 | 703,400 |
| 14:00 | 2343.80 | +17.44 | 1,428,191 |
| 15:00 | 2367.86 | +24.07 | 1,268,078 |
The first three hours were a low-energy drift near 2320–2328. The tape changed character at 14:00 and 15:00 UTC, where two consecutive heavy-volume up-bars (1.43M and 1.27M ETH) carried price from 2326 to 2368. That is roughly 2.7M ETH of turnover in two hours — more than half the entire six-hour window's volume — concentrated in the direction of the recovery.
Orderflow — delta and CVD
| Bar (UTC) | Volume (ETH) | Delta | CVD |
|---|---|---|---|
| 14:00 | 52,882 | −9,986 | −105,475 |
| 15:00 | 292,982 | +40,607 | −74,449 |
Delta flipped from −9,986 to +40,607 in the most recent hourly bar — buyers became the aggressors by a wide margin. CVD is still net negative on the day (−74,449), meaning the broader session has been sell-driven, but the 31,026-point CVD uptick over the last two bars shows initiative flipping back to the bid. This is textbook absorption: passive sellers at the lows were consumed, and buyers are now lifting offers.
Session tone
Momentum is short-term up, but the tape is not yet clean. The 2292 low remains the line in the sand — a break back below it would signal the flush is resuming. On the upside, 2372 (the six-hour high) is the first test, and the prior 12-hour high of 2360 has already been cleared on the way to 2368. The honest read is mixed: heavy downside volume was met with equally heavy upside volume, so the market is still resolving whether this is a genuine reversal or a dead-cat bounce within a wider downtrend.
Bias for the near term: up, but unconfirmed — buyers have the initiative, yet the day-scoped CVD still sits underwater, so the recovery needs a higher low and a close above 2372 to be trusted.