$ETH Under $2,200 — Bottom or Free Fall? Harvard dumped its ETH ETF. Culper went short publicly. Fees declining. Narrative cracking. But ETH is stuck at the same $2,200 zone where it has bounced 4 times in 2026. Active addresses just hit multi-year highs. Network usage screaming while price whispers. Two truths at once: Bearish: ETH/BTC at 3-year lows. Institutions rotating out. Daily structure broken. Bullish: On-chain activity divergence. Capitulation level fear. Mature blockchain status under CLARITY Act. The setup nobody wants to talk about: every major ETH bottom was bought when the narrative was at its worst. 2018. 2020. 2022. Same script, different chapter. Smart money doesn’t buy ETH at $4K. They buy it here. Could it go lower? Sure. $1,950 in play. But asymmetric R:R is forming. Not financial advice — DYOR. #ETH #Ethereum #Crypto