ETH’s rebound is just paper—spot order book buy depth is only a third of the sell side. Large orders get posted and then pulled right away. This isn’t accumulation; it’s the final makeup before distribution. In the 4-hour K-line, the bears have eaten four candles. On the daily chart, a big bearish candle has smashed through the prior low. The rebound can’t even get back up to the 3-day moving average. Futures open interest has shrunk by 3% in a single day, and the longs quietly pull back. Short at 2689 directly. First target 2570, second target 2470. Set stop-loss at 2795—if it breaks, then you concede. Cold, hard data won’t lie.