$ETH looks heavy here. Current structure:
• Clear lower highs on lower timeframes
• Price rejected directly from supply
• Weak low sitting around 2240
• Momentum fading after the recent bounce
As long as ETH stays below 2275–2320:
→ This still looks like a sell-the-rally environment.
Most likely scenario: Sweep local liquidity → continuation lower into deeper demand.
Key downside zone: 2180–2200 liquidity area
• Strong reclaim above 2320 = short thesis weakens
Right now, ETH is not showing expansion. It’s showing distribution.