ETH Tagged 2.56K, but Big Orders Flipped Right Away

Yesterday I saw large orders coming in hard and leaned toward a break above the 2.56K wall. It got as high as 2.566K intraday, but the daily candle closed at 2.511K, so it didn't hold above the wall. On the weekly, the MA50 at 2.584K and last November's low at 2.624K sit close together, so it needs to clear the 2.567K~2.624K zone on a closing basis before the next level at 2.717K comes into view.

On the daily, the upper line running from the May high passes near 2.58K today and is pressing on the same area, but OBV lows have kept rising since late June, so the larger uptrend structure isn't broken.

On the 4-hour, the line connecting the August 23 low at 2.356K and the 26th low at 2.432K now runs near 2.467K, and OBV is sitting just above its own low line that started on the 19th.

That said, the orders that were buying yesterday turned around today, and over the past day, trades from small orders all the way up to $1M+ orders add up to more than $200 million in net selling. ETHBTC has also slipped from its August 19 high, so ETH's run of outpacing BTC has paused for now.

So until it closes above 2.567K~2.624K, this looks more like a resistance test than a breakout. If the price trendline around 2.46K and the OBV trendline both break, the path opens through 2.43K down to 2.356K, and if that low gives way too, I'll consider this uptrend structure over.