ETH · 1H · DOWNTREND

The short from my last read completed — 2,601 broke on a 1H close, 2,409 was reached, and both targets on that SHORT scenario are done. That move is over. What I'm looking at now is a completed flush: price dropped from the 2,700s area all the way to roughly 2,406 in what looks like a near-vertical liquidation cascade, and has since bounced back to 2,497 — sitting almost exactly at the prior horizontal level that capped price for most of September and early October around 2,500. The news context adds weight here: Bitmine, the largest corporate ETH holder, is apparently stopping purchases, which removes a known demand floor. Funding is negative at -0.0036% per 8h — shorts are paying longs, meaning the crowded side coming into this is short, which is why the bounce happened at all. But negative funding on a sharp breakdown more often reflects capitulation than reversal. With price now bouncing into a cluster of dense liquidation overhead — 2,518, then 2,627 — I'm not chasing this recovery. The honest structure is a lower high forming after a breakdown, and I'm treating this bounce as a shorting opportunity if it reaches overhead supply and stalls, not a new long setup.