$ETH whales are still net short and ETH/BTC is stuck in a descending channel 😬 Two bearish signals hitting simultaneously. First — the Whale vs Retail Delta just went negative, meaning large traders are positioned more short than retail right now. That's not a great look. ETH is holding near $2,300 but whales haven't flipped bullish despite the stabilization. When big money stays cautious at support, it usually means that support gets tested harder. 🐋 Second signal: ETH/BTC is grinding inside a descending channel with the upper trendline rejecting price multiple times. Right now it's pressing against the midline — the decision zone. Break above it and a move toward the upper boundary becomes possible. Fail here and ETH continues losing ground to Bitcoin in relative terms. BTC dominance wins again. 📉 The combination of both signals is what makes this setup uncomfortable. Negative whale delta + ETH/BTC mid-channel rejection = sellers have two excuses to push lower. Neither signal alone is a death sentence, but together they're hard to ignore. 🎯 For the bear case to weaken, I need two things: whale delta crossing back above zero AND ETH/BTC reclaiming that midline convincingly. One without the other isn't enough. Until then, $ETH feels like it's one bad candle away from retesting $2,265 and potentially $2,220. Hold $2,300 or this gets messier. 🧠⚠️