ETH · 1H · DOWNTREND

Both of my last two reads completed on the short side — the 2,601 break triggered, 2,409 was reached, then the follow-through short off the 2,518–2,530 zone triggered and 2,380 was reached. The lower-high sequence is intact: every bounce since the October 7 breakdown has failed at a lower level, and price is at 2,399 right now, pinned below the 2,465 overhead cluster. The daily trend is sideways, so I'm not manufacturing conviction, but the 1H structure reads clearly bearish and that's the frame I'm using.

I'm not shorting current price — mid-range between two liquidation walls is not a clean entry. I want a rally into the 2,450–2,465 zone first, a 1H close back below 2,435 to confirm the rejection and print another lower high, then I'm short. The 2,321 cluster is the first obstacle below — it's a waypoint, not my target, because it sits only 114 points from the confirmation while the invalidation is 110 points away, which is under the 1.2 minimum. My actual Target 1 is 2,160, the second dense liquidation cluster, which gives me a real structural objective at 275 points from confirmation versus 110 to invalidation — that's the trade.