Ethereum, weekly chart. To keep it simple: the chart looks bad. I would even say very bad. Price has broken below the previous weekly cycle low at $1,741. So far, I see a full-bodied breakdown candle with no meaningful signs of buying pressure or reversal. My primary scenario remains a final move into the $1,600–$1,100 zone. The only positive development is that I have moved my weekly basing point to $2,561. That gives a clear line in the sand: a weekly close back above $2,561 would invalidate my bearish scenario and force a reassessment.