#ethereum 1'm bearish on $ETH London morning note. Ether is No.2 on the 1h board and No.3 on the 4h, CMC rank 2, at $2,094.53 (about £1,567). Moves: +0.32% 1h, -2.18% 4h, -6.33% 24h, -8.40% 7d. Volume of $12.84B is up 239.5% against a $255.96B cap, so turnover grew into the decline, not a bounce. Levels: 24h range $2,084.63 to $2,242.64, price in the bottom 7%, with the 7d low of $2,088.53 under retest. 4h pivot $2,141.25. OKX funding -0.0014% per 8h, OI about $1.42B, perp premium -0.061%: longs are not paying up to defend this zone. Catalyst: Reuters reported on 9 Nov that ether touched its lowest since August after the US midterms. Invezz and CryptoTicker reported about $93M of spot ether ETF outflows on Friday and roughly $343M of ether liquidations on Sunday. Thesis: Asia failed to reclaim the pivot overnight, which keeps $2,000 in view. Invalidation: a 4h close above $2,141; above $2,243 the read is void. Risk: shorts crowd fast after a flush, so size matters more than conviction. Week four of Northern Routes looks back. In week one we read routes opening; today the main highway is congested, which is when patient builders do groundwork. Arctic Trade Lanes keeps its programme list for northern founders open: https://arctictradelanes.com/funding . Send me your Arctic business ideas via https://x.com/alexdolbun or https://unicornsmap.com/radar/alexdolbun . The ATL token remains upcoming. @alexdolbun #NorthernRoutes #UMRadar #Ethereum $ETH $BTC $SOL