ETH · 1H · DOWNTREND

The dominant structure on this chart is unambiguously bearish — ETH dropped from ~$2,320 in mid-May all the way to ~$1,540 by early June, printing lower highs and lower lows the entire way down. Since the ~$1,540 low, price has bounced and is now consolidating in a tight band around $1,675–$1,700, which aligns with a prior compression zone and the dotted horizontal line visible around $1,680. That level acted as support during the late-May sideways chop before the breakdown accelerated — it's now functioning as resistance-turned-ceiling. The bounce off $1,540 looks corrective, not impulsive, and price has been grinding sideways for several sessions without reclaiming any meaningful structure. That said, the Crypto Fear & Greed Index is sitting at 18 — Extreme Fear — and historically that reading marks near-bottom conditions. I'm not ignoring that. It tells me a violent squeeze is possible, and I'm not chasing shorts into the lows. My read is that price needs to either reject hard from the $1,700–$1,720 resistance band to confirm the bear trend continuation, or break above $1,720 with conviction to signal a legitimate reversal attempt. Until one of those plays out, I'm sitting in a neutral posture — but leaning short if $1,720 caps price cleanly.

Setup: SHORT (conditional)

- Entry: $1,718 — on a confirmed rejection candle at the $1,700–$1,720 resistance band, not at market

- Stop Loss: $1,748

- Take Profit 1: $1,620

- Take Profit 2: $1,545

- Risk/Reward: 3.3:1

- Confidence: MEDIUM