$ETH is sitting right on a major macro floor, and the selloff is starting to look exhausted here.

Bulls just forced price into the bottom of the long-term falling channel after a clean wedge breakdown, so this is the key area I’m watching for a reaction. The panic move has already done the heavy lifting, and now the question is whether ETH can hold this channel base and start reclaiming the broken wedge boundary.
If price can get back above that lost structure, the bearish pressure starts to fade fast. If it can’t, then this floor is still just being tested. A daily close back below the lower channel would weaken the whole long read.