Ethereum into London: pre-market 65% tighter than usualEthereum Perpetual ContractHYPERLIQUID:ETHUSDC.PSwiftEdgeThe hour before the open was 4.5 wide, under 75% of the usual 12.9. Ethereum heads into the London session at 2,245.7. This is the map for the session: where it starts, the next level on the map in each direction, and how often breaks at this open have travelled that far. THE SETUP - Pre-market (the hour before the London open): 2,243.0 to 2,247.5, 4.5 wide - tight: under 75 % of its usual width (12.9 over the last 20 sessions). - Opening range (first 15 minutes): 2,245.2 to 2,247.5. The middle, 2,246.3, is where the idea ends. THE MAP - If it breaks up: next on the map 2,391.1 (EMA 50 (day), Last week's high). - If it breaks down: next on the map 2,125.7 (Lower wall, Max liquidation). - The idea is over on a 1-minute close back through the middle of the opening range. WHERE PRICE STANDS - Price is sitting on a zone where 19 levels meet (Yesterday's POC, Naked POC (Fri 06 Nov), Fast wall, EMA 200 (day)). - Price is above yesterday's value area (VAH 2,243.5, VAL 2,223.3): it has left balance. - Price is below the weekly open (2,274.3) and above the daily open (2,237.6). - Daily trend: price below the 50-day (2,390.5) and above the 200-day (2,236.6) average. - Over 24 hours price is +0.43 % and open interest +0.9 %: new longs are coming in. - Funding is +7.1 % a year across the market: normal. - Within 2 %: $3.88M of longs below and $1.73M of shorts above would be liquidated. THE ORDER BOOK - Largest resting sell orders above: 2,258.8 (2,259 ETH, +0.58 %); 2,267.2 (3,195 ETH, +0.96 %); 2,278.2 (2,527 ETH, +1.45 %). - Largest resting buy orders below: 2,238.0 (2,165 ETH, -0.34 %); 2,230.2 (3,088 ETH, -0.69 %); 2,221.3 (3,884 ETH, -1.09 %). - Resting orders can be pulled before price gets there; they show where size is waiting now, not where it will stay. POSITIONING AND LIQUIDATIONS - Within 1 % of price: $66k of long liquidations below and $1.4M of short liquidations above. - Within 2 % of price: $3.9M of long liquidations below and $1.7M of short liquidations above. - Within 5 % of price: $25M of long liquidations below and $11M of short liquidations above. - Largest long-liquidation cluster: $65M at 2,127.0 (-5.3 %). OPTIONS - Options price a move of about +-64.9 (2.9 %) for the day. - Call wall: 2,300.0 (+2.4 %). - Put wall: 2,200.0 (-2.0 %). - Gamma flip: 2,206.1 (-1.8 %). WHAT HAS HAPPENED BEFORE - These odds come from weekday sessions; weekend sessions are usually quieter. - At the London open since 2023 with a tight pre-market, breaks of the first 15 minutes reached 1x the pre-market width beyond the range 42% of the time and 2x 26%. - 79% of breaks closed back through the middle of the range before the session ended. - Trading these breaks mechanically has not paid after costs in our three-year test, so read this as a map of where the session is likely to be decided, not as an entry. SO FAR - Broke up at 08:35 UTC, reached 0.8x the pre-market width, then closed back through the middle at 09:30 UTC. HOW TO READ THE CHART The teal and violet arrows run from the opening range to the next level on the map if price breaks up or down. The small boxes are the pre-market hour and the first 15 minutes; the dashed amber line is where the idea ends. Thick violet and teal bands are resting sell and buy orders with their size, pink bands are clusters of liquidation prices, and dotted amber lines are the options call and put walls. A map for the session, not a trade signal. Not financial advice.