$ETH is sitting on a major macro floor, and the downside momentum looks tired here.

The clean wedge breakdown already did the damage, but now price is pressing right into the bottom of the long-term falling channel. That’s where I start paying attention to a possible bear trap. If this level holds and the wedge boundary gets reclaimed, the squeeze risk grows fast.
Late shorts are leaning into the panic move, but the market is doing this right at a historic support area. I’m watching whether ETH can accept back above the broken structure instead of just bouncing weakly and rolling over again.
If the lower channel boundary gives way on a daily close, this bullish read loses its edge fast.