📉 Ethereum has slipped back below $2,300, confirming a persistent lack of directional conviction. 📊 Spot demand remains notably weak. This isn't just one whale or a single entity like Garrett driving the price action—there's a broader, structural selling pressure at play. 🔍 Until ETH reclaims the $2,400 level decisively, the market narrative remains bearish. This zone now acts as a critical pivot; without it, Ethereum will likely continue to underperform relative to other majors. 🚨 Key takeaway: Watch the $2,400 reclaim. Until then, the path of least resistance is lower.