🚨 $ETH: DON'T CHASE THIS H1 BOUNCE.
ETHUSDT USD-M Futures last closed at $2,707.58 (29 Sep, 08:59 UTC). The latest candle reached $2,734.58, then gave back the move and closed below the recent $2,722 high.
Three things stand out:
1️⃣ The rebound from $2,650.50 to above $2,700 was sharp, but the newest push above the local high did not hold on an H1 close.
2️⃣ The $2,634–$2,650 area has drawn buyers more than once. Price is now well above that support, so buying here means accepting a less attractive entry.
3️⃣ Volume picked up during the rebound and stayed active on the rejection candle. Buyers showed up, but they have not yet proved they can defend a breakout.
Wyckoff: this may be a developing recovery inside a $2,634–$2,734.58 range; there is no confirmed new SOS. SMC: the wick above the recent high is a candidate liquidity sweep, while a sustained bullish BOS still needs an H1 close above the upper area and a held retest.
STATUS: NO CLEAR EDGE — SKIP TRADE. There is no Long entry to chase at $2,707.58. I would wait for a clean H1 close above $2,722–$2,734.58 followed by a retest that holds before reassessing. If ETH cannot hold the breakout, the current bounce alone is not a trade signal.
Would you wait for a held retest, or sit out this range entirely?
$ETH #Wyckoff #SMC
Paper analysis only. Not financial advice.
ETHUSDT USD-M Futures last closed at $2,707.58 (29 Sep, 08:59 UTC). The latest candle reached $2,734.58, then gave back the move and closed below the recent $2,722 high.
Three things stand out:
1️⃣ The rebound from $2,650.50 to above $2,700 was sharp, but the newest push above the local high did not hold on an H1 close.
2️⃣ The $2,634–$2,650 area has drawn buyers more than once. Price is now well above that support, so buying here means accepting a less attractive entry.
3️⃣ Volume picked up during the rebound and stayed active on the rejection candle. Buyers showed up, but they have not yet proved they can defend a breakout.
Wyckoff: this may be a developing recovery inside a $2,634–$2,734.58 range; there is no confirmed new SOS. SMC: the wick above the recent high is a candidate liquidity sweep, while a sustained bullish BOS still needs an H1 close above the upper area and a held retest.
STATUS: NO CLEAR EDGE — SKIP TRADE. There is no Long entry to chase at $2,707.58. I would wait for a clean H1 close above $2,722–$2,734.58 followed by a retest that holds before reassessing. If ETH cannot hold the breakout, the current bounce alone is not a trade signal.
Would you wait for a held retest, or sit out this range entirely?
$ETH #Wyckoff #SMC
Paper analysis only. Not financial advice.
