ETH · 1H · DOWNTREND

The short from my last read completed — Target 1 at 2,231 was reached after the confirmation triggered on October 22. That move is done. What I'm looking at now is a chart that has just made a sharp spike down to around 2,125 visible at the far right edge, then recovered hard to current price 2,270. The lower-high sequence from the daily downtrend is still the dominant structure — every meaningful bounce since early October has failed at a lower level — and this latest spike-and-recover doesn't change that. The daily trend is down, and I'm treating any long here as counter-trend. What I need before shorting again is a fresh lower high to form above current price, and before longing I'd need structure that doesn't exist yet.

The spike low came in around 2,125–2,150, which lines up with the dense liquidation cluster at 2,180 getting swept. Price has recovered sharply from there to 2,270, but I have no 1H close above any structural level that would make this a confirmed reclaim. The dense liquidation cluster above at 2,353 is the first magnet — that is where I'd expect any rally to stall and where I'd look for the next short setup. Below price, the cluster at 2,180 was already hit; the next meaningful cluster sits at 2,014.

Funding at 0.0100% per 8h is mild long bias — not extreme, so no squeeze signal either way. OI is substantial at $2.24B, and without a 24h trend I can't read conviction from it. The Bitmine news is noise at this size.

I'm not taking anything here at 2,270 in the middle of nowhere. The nearest short setup is a rally into 2,353, and the nearest long structure doesn't exist yet on this chart.