$ETH Unless we start seeing a clean five-wave impulsive move or at least a breakout above the weekend high, the bearish case highlighted by the orange scenario still has merit.
The bounce off last week’s low looks corrective and lacks real conviction so far. There's no solid structural evidence yet that a lasting bottom is in.
That said, price is now sitting in a technically significant zone. After the recent flush in liquidations, it’s wise to stay sharp for any reversal signs. But for now, confirmation just isn’t there. Keeping a close eye on the micro structure.