$ETH About to Reverse or Just a Dead Bounce? ETHUSDT Perpetual Swap ContractOKX:ETHUSDT.PLeo524ETHUSDT Analysis ETH is currently trading in a lower range after a strong higher timeframe breakdown, and overall structure still leans bearish. Price is sitting in a discounted area, but the trend hasn’t shifted yet — this looks more like a corrective bounce inside a broader downtrend rather than a confirmed reversal. Liquidity below the recent lows has already been taken, and we’re now seeing a reaction from that zone. However, the upside move lacks strong continuation, and price is approaching a mid-range area where previous supply came in. This makes the current bounce questionable unless stronger reclaim happens. From a positioning perspective, open interest has been increasing during this slow grind up, while funding remains relatively neutral to slightly positive. This kind of behavior often signals that longs are building into resistance rather than after a confirmed shift, which can lead to another downside move if momentum fades. I’m mainly watching how price behaves around the 2.3k–2.4k region. If ETH fails to reclaim and hold above that area with strength, this bounce could turn into another lower high. A strong reclaim and acceptance, however, would be the first sign of a potential trend shift. Analysis by Leo524. #ETH #Ethereum #Crypto #Leo524