$ETH The structure is bearish. After retreating about 8.6% from the high of 2450, the price has been consolidating in a narrow range near 2240. Intraday, it is trading just below the upper Bollinger Band at 2244.4, with net aggressive selling of about 9,900 units over the past 24 hours. The cost-basis center of gravity is lower, at the POC of 2227.1, which coincides with the lower edge of the value area and a long-position cost wall of about $140 million, forming near-term support. Above, the 20-hour high at 2247.4, together with the upper Bollinger Band, forms near-term resistance; the next major resistance further out is 2410.1. The current price is a viable entry point: sell at market rather than waiting for a higher retracement. A rebound to around 2244 meeting breakeven selling pressure would provide a springboard for the bears to attack. Place the stop-loss at 2246.7; if the price reclaims and holds above 2247, turning the retracement into a genuine breakout, the bearish thesis is invalidated. The target is 2207.6, offering a risk-reward ratio of about 4.8 and serving as the first downside exit level after the 2227.1 support breaks. The main risk is the substantial liquidation fuel around 2122 below (about $130 million): if a sharp drop triggers liquidation-driven price action followed by a rapid rebound, the short position could be stopped out. #ETH #ETH price analysis