$ETH is still coiling on macro support, and bulls haven’t lost the larger structure yet.

Price has spent months compressing inside a huge triangle, and the recent slide did a lot of the cleanup work already. The selloff flushed out a lot of weak longs, and the downside momentum has clearly slowed. That matters here because the lower boundary is still holding as the bedrock level.
I’m watching the local descending structure too. If ETH can break out of that and then hold the retest, the old ceiling around the next higher area starts to matter. Until then, it’s still a compression story on top of long-term support, with sellers fading and spot absorption showing up on the dips.
The bigger bullish read weakens if that macro support finally gives way.