#ETH has two competing counts. My preferred interpretation is an ABC correction with an extended C wave. The 2.618 × A projection sits near $2,319, although C could finish short of it. The alternative is a bearish 1–2–3, with the bounce forming wave 4 before another decline. A sustained break above $2,630 would favour the corrective interpretation. A fresh low would keep downside risk active. Trade the developing structure, manage risk and remain open to both.