ETH broke below $2200 without resistance. Yesterday, I mentioned that large investors are continuously increasing their holdings of put options, even very low strike puts. This positioning continues today, but trading volume is now concentrated on March expirations with $70,000 to $80,000 strikes. Implied volatility (IV) is rising rapidly, and skew is quickly turning negative. Large investors are shifting from short-term bets to medium- and long-term outlooks. The bearish sentiment is beginning to materialize from concerns. Based on my years of experience, ETH is very likely to test the $2000 round number.