$ETH is currently hovering in a technically pivotal zone after that big liquidation washout which definitely grabs attention, but it doesn’t automatically mean we’re turning bullish.

The rebound off last week’s low still has that corrective feel to it. There’s no impulsive energy, no real shift in structure yet. Nothing so far suggests a solid bottom has formed.
On top of that, Ethereum continues to lag behind Bitcoin. The ETH/BTC pair is sliding, which signals underlying weakness. In stronger market environments, ETH typically leads the charge but right now it’s playing catch-up.
Even if we see a more sustained bounce from these levels, the initial read would be a B-wave rally. And B-waves can be deceptive. They can look aggressive, convincing, and full of momentum only to reverse sharply once they’ve trapped the latecomers.
They’re great at creating the illusion that a new uptrend is starting, just before the larger downtrend resumes.
Until we see a clean five-wave move up, or at the very least a confirmed break above the weekend high, the orange scenario (with more downside ahead) still looks more likely.
So for now, there’s no confirmation. Just watching the micro structure closely it’s the only place where clues will show up first.
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