ETH broke through the $2,200 level without resistance. As mentioned yesterday, large players have been steadily accumulating put options, even those with very low strike prices. This positioning persisted today, but activity shifted toward March expiries in the $70,000-$80,000 range. Implied volatility (IV) surged rapidly, skew turned sharply negative, and large players shifted from short-term speculative bets to expressing medium-to-long-term views. Bearish sentiment has crystallized from mere concerns. Based on my years of experience, ETH is likely to test the $2,000 psychological level.(Greeks.live)