ETH · 1H · DOWNTREND

The chart tells a brutal story — ETH has been in a clean, sustained downtrend from around 2,400 all the way down to the current 1,666 area, with lower highs and lower lows printed consistently across the entire visible range. The most recent leg was an acceleration lower, with a sharp flush toward 1,540-ish before a bounce back to current levels. That bounce looks corrective, not impulsive — price is now trading back up into the 1,666-1,680 zone, which is sitting right at prior breakdown structure and the red dotted horizontal level visible on the chart. The live data confirms ETH is up ~4% on the day, but on this 30m/1H view that's just a dead-cat retrace into resistance, not a trend reversal. I'm not interested in the long side here — the macro headline confirms "one of the largest crypto market drawdowns in years," which aligns perfectly with what I'm reading in the structure. I'm looking to fade this bounce right at current levels and ride the next leg down.

Setup: SHORT

- Entry: 1,666 (at market — price is sitting at the red dotted resistance level right now)

- Stop Loss: 1,720 (above the nearest swing high and breakout zone)

- Take Profit 1: 1,580 (prior consolidation and bounce zone from the flush low)

- Take Profit 2: 1,540 (the swing low from the most recent capitulation wick)

- Risk/Reward: 1.6:1

- Confidence: MEDIUM