$ETH : The $2,340 Rejection was the Trap. Time to Fade the Relief? 📉⚠️

Ethereum just gave us a textbook "Liquidity Hunt." While retail was cheering the break above $2,340, the tape was showing aggressive institutional selling. That impulsive move was purely designed to clear out the early shorts before the real structural markdown begins.

$ETH is now back at the $2,310 pivot. The 4H candles are printing heavy upper wicks, signaling that the supply at $2,340 is simply too thick to penetrate without a deeper re-accumulation phase. Inside, we don't buy the "green-candle-hype." We look for the exhaustion.

The volume gap between $2,240 and $2,280 is still wide open. If we lose the $2,288 daily open on a 4H close, expect a violent flush to sweep the weekend's trapped longs.
I’m positioning for a short-term correction to the downside. The data says the top is in for now. See our tactical setup below.
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The Tactical Short Setup: $ETH/USDT
We are looking to fade the next minor relief bounce into the newly established resistance zone.

Entry Zone: $2,322 – $2,335
Rationale: This zone aligns with the 0.618 Fibonacci retracement of the local flush and the broken minor support. We want to catch the "lower high."

TP1: $2,285 (Daily pivot/Morning low; move SL to entry here)

TP2: $2,240 (Structural support and weekly volume node)

TP3: $2,210 (Primary April demand block)

SL: $2,352
Rationale: A break and close above the $2,345 rejection wick invalidates the bearish bias and suggests a short squeeze toward $2,400 is back on the table.