ETHUSD: liquidity sweep before bullish moveEthereum / US DollarCOINBASE:ETHUSD3CommasThe Macro Picture 🗺️ The late-May bearish continuation thesis has fully played out and then some — price didn't just reach the $1,800 macro floor flagged as the primary target, it broke through with conviction and printed a capitulation candle into $1,640. The entire multi-month structural range from February through May has been wiped clean, leaving a textbook liquidity sweep that desperately needed to happen before any structural reaction could form. RSI is pinned sub-20 with no nearby precedent on this timeframe, and that kind of momentum extreme is the structural fuel for at least a mechanical mean-reversion leg back toward the overhead supply zone. The Setup ⚙️ The Sweep: The $1,800 break cleared every stop parked below the multi-month range floor, including the late-February wick lows that had defined the structural base since the start of 2026. Bears overshot their target by a wide margin, and the over-leveraged shorts that chased into the capitulation candle are now the structural fuel for the squeeze. The Oversold Reset: RSI sub-20 doesn't mark a bottom on its own, but it does mark the kind of momentum extreme that historically pairs with at least a mechanical relief leg before any next structural decision gets made. The reading needs to be worked off before sustained continuation lower can develop. The Reaction: Bulls are stepping in to defend the $1,640 capitulation zone, framing the bounce origin as a high-confluence area where short covering and discretionary buyers converge. The white projection points toward a mean-reversion move back into the broken-floor supply pocket. The Roadmap: Primary target sits at $1,800 — the broken macro floor that now acts as the most natural back-test pivot for any relief move. Invalidation: a sustained 1D close below $1,600 would invalidate this mean-reversion thesis and confirm the descent is extending toward the $1,500 macro floor projection.