ETHUSDT: POC Broken, Markdown Now Basing Below Every LevelETHUSDT Perpetual ContractBYBIT:ETHUSDT.PTheChartWhisperrThe same cause and effect that built the BTCUSDT setup shows up here. The dense volume shelf on the left built the POC at 2,064. What followed was markup, a clean climb to 2,420 by May, then markdown that gave the entire move back and kept going. That's the key difference from BTC. Bitcoin's retest is happening at its POC, from below, testing the level that built the move. ETH's decline broke straight through its POC and kept falling, all the way under Daily Resistance at 1,825 too, bottoming near 1,522 before the current base began. Both charts share the same origin story. They're not at the same stage of it. BTC is testing cause. ETH already lost cause and is now trying to build a new one from scratch, down in territory the entire prior structure never priced as support. The base since June has been slow, uneven, without a clean spring or a single decisive reclaim. That's not disqualifying, Wyckoff ranges take time to build before they resolve, but it means there's no confirmed floor yet the way BTC has one being tested. What invalidates the constructive read here: continued failure to reclaim Range Low at 1,740 with any conviction. What would shift it: a close back above 1,825, which would put ETH back inside territory the POC once controlled. Marcus Aurelius said to confine yourself to the present. BTC's present is a retest. ETH's present is still the base. Different chapter, same book.