$ETH The structure is bearish. Price has repeatedly been rejected near 2229.7 and is trading below the Bollinger midline at 2234, close to the lower band at 2222. Over the past 24 hours, aggressive trading has seen net selling of about 15,500 tokens. In the past 4 hours, aggressive sell orders have produced net outflows of about $34.35 million, while aggressive buying accounts for just 43%. The cost-basis center of gravity remains around the POC at 2319.4. Above the current price, the Bollinger upper band at 2246 and the 20-hour high at 2250.1 form the first resistance zone; a bounce to that area would be a selling opportunity. The current price is a viable entry point: sell directly at 2229.7 rather than waiting for a higher bounce. Place the stop above 2248.2, beyond the Bollinger upper band. A sustained move above this level would mean the rebound has exceeded expectations and the bearish structure has failed. Below, the value-area low at 2215.4 and the long-position cost wall of about $96 million around 2217.4 form the first support cluster. Target the 20-hour low at 2205.4, where a deep long liquidation zone is concentrated; a break below it could trigger a cascade of liquidations. The risk-reward ratio is about 1.3. Long liquidation fuel below the current range is about $360 million, far greater than the roughly $67 million above. Open interest is about $2.22 billion, with 13,536 long-position holders versus 6,253 short-position holders. Crowded longs looking to exit at breakeven are a source of selling pressure on every rebound. The main risks are that price holds above 2205.4 and continues to chop within the range, or that buying pressure drives it above 2248.2 and triggers the short-position stop. #ETH #ETH Price Analysis