ETH distribution taps the gas as order-book walls and surging exchange inflows cluster bearish

Three of four smart-money detectors now read bearish, and the most recent is the loudest: exchange inflow acceleration at conviction 88.

A single bullish price-structure pulse (conviction 50) is the lone counterweight inside an otherwise coordinated bearish cluster. The resting ask wall near spot coincides with net CEX inflow (67), while the acceleration reading (88) confirms the distribution is not steady but quickening.

Taken together, the evidence shows supply arriving on venues under an overhead barrier, a relationship that has swallowed the isolated structural bid signal for now.

The cluster does not guarantee follow-through, but the disagreement level is low. Watching whether the structural bid rebuilds or another bearish detector joins would be the next logical step.