#ETH Ethereum is currently range-bound, with a volume-backed decline on the daily chart. Our expectation remains unchanged: watch for a pin bar around the 2350–2300 range. If price dips below and then recovers, it could resume upward movement; if it breaks down and fails to recover, the trend may collapse. On Ethereum’s order book, contract CVD has hit a new low, and during yesterday’s decline, spot CVD also dropped sharply while funding rates turned negative—indicating significant liquidation of long positions in both spot and contract markets, alongside spot selling. Yet, price remains confined within this range, suggesting strong underlying support. The future direction will depend on the battle between bulls and bears: if strength emerges, Ethereum may follow Bitcoin’s pin bar and begin rising; if weakness prevails and price breaks below 2350 without recovery, the upside scenario is gone.