With that set-up, your load is approximately 40 psi on the feet of the 2 x 4 (240 lbs /(1.75 x 3.5). Most 2 x 4s are made of pine, which has a vertical compressive strength (parallel to the grain) of 4800 psi (if it's Eastern White Pine), and stronger for most other types of pine. So it looks like you should be fine.
NOT SO FAST MY FRIEND!!!
It is fine if the weight of the tanks is pressing directly down on the wood's end. However, since the center of gravity of the tank will not be directly over the end of the 2 x 4, there will be some component of lateral force (perpendicular to the grain). The lateral compressive strength of pine is only 440 psi. This is why many people will design their stand with 2 x 4s to be constructed with double 2 x 4s. One where the tank shelf rests on top of the inside 2x4, and then the outside 2x4 for added strength and make it look a little better. However, I can tell you that 440 psi lateral strength is plenty good for this set up. Here, the lateral force will be concentrated in the area where the tank shelves connect to the uprights, which comes out to about 20 psi max.
20 psi max vs 440 psi strength - so no problem. NOTE: This assumes that the support posts are on the outside of the shelves. If the supports are on the inside, the pressure is much greater because it will be spread out only over the heads of the bolts or nails that you are using to connect the wood, less than 1 sq. in. ea. On the outside, the pressure is spread over a 3.75" square area where the boards overlap - about 14 sq. in. each.