You can observe for a while longer until after 9 o'clock. If it still doesn't come down, you can consider entering with a light position.

July 16 $ETH Morning Analysis

ETH's structure shows a complete process of "pullback - accumulation - breakout". It is currently in the late stage of the main upward trend, showing signs of weakness at the top.
The key resistance area is at $3,150–$3,300.

Specific structural analysis:
12H / 1D
Clearly broke through the previous high, entering a liquidity vacuum area, with the previous high not effectively building up positions; it currently appears to be a typical node of "strong hiding weakness".

4H
Continuously driven upward, still in a bullish rhythm, but momentum has started to wane;

1H
The current trend has just broken through the previous high, reaching the 1H premium area
There are suspicions of "faking out + accumulation", with the possibility of a pullback after a peak.

The best trading opportunity awaits a pullback to go long, reference positions:
$3,020–3,000: 1H balance area (Equilibrium)
or even
$2,880–2,820: 1H/4H structure confirmation area