Following an aggressive expansion off the August base that propelled price beyond the initial ABC sequence target, Ethereum ( 
ETHUSDT) entered an extended distribution phase above External Liquidity (~$2,470). This consolidation engineered repeated runs above local highs, successfully sweeping resting buy-side liquidity ($$$) up to $2,585 before encountering heavy selling pressure.
Institutional distribution has now been confirmed by a sharp bearish displacement, printing a clear Market Structure Shift (MSS) on the 4-Hour timeframe. Price is currently offering a clean retest of the broken structural level around $2,459, establishing an optimal risk-defined entry zone as momentum rotates firmly back into the hands of sellers.
With structural invalidation defined above the liquidity sweep high at $2,585.75, the initial objective is the sequence breakout base at $2,222.57 (TP1). A sustained continuation below this level opens the high-probability path toward the overarching Whole Correction Level (WCL) spanning $1,860 – $2,040, where unmitigated Internal Liquidity awaits.