ETH effortlessly broke below $2200. Yesterday, we mentioned that whales have been continuously increasing their positions in Put options, even with very low strike prices. This kind of setup is still ongoing today, but trades are now focusing on March expirations between $70K and $80K. IV is rising rapidly, skew is quickly turning negative, and whales are shifting from short-term lottery plays to expressing mid-to-long-term views. The bearish sentiment is starting to materialize from mere concerns. Based on my years of experience, ETH is very likely to test the $2000 psychological level soon.