Trading sentiment surrounding Ethereum has plunged to its weakest level since the 2023 bear market, reflecting growing pessimism among traders.
According to CryptoQuant analyst Darkfost, bearish sentiment has reached extreme levels based on the Binance taker buy to sell ratio. The indicator has now fallen back to levels last recorded in September 2023, when ETH dropped to around 1,600 dollars.
The analyst noted that trader confidence in Ethereum has deteriorated sharply over the past several weeks.
Selling Pressure Continues to Build
The weekly buy to sell ratio has declined to 0.91, signaling that sellers are currently dominating the Binance futures market.
This means aggressive sell activity is significantly outweighing buying demand.
Although Ether has largely moved within a wide trading range over the last five years, its current weakness near the lower end of that range remains concerning despite the network’s strong fundamentals.
Darkfost explained that while these market situations are difficult to predict precisely, heavily one sided positioning can sometimes trigger sharp moves in the opposite direction of market consensus.
Crypto analyst Daan also pointed out on Wednesday that ETH has returned to a major support and resistance zone after experiencing volatile price action throughout the past month.
According to him, this level has remained highly important for Ethereum over recent years, similar to the significance of the 2,800 dollar level. He warned that if this support fails, ETH could slide back below 2,000 dollars.
Trader Kamaran Asghar added that Ethereum is currently retesting its rising trendline support while momentum indicators continue showing weakness.
He explained that the broader structure is still intact for now, but selling pressure is increasing. If Ethereum loses this support decisively, a much larger downward move could happen quickly.
Meanwhile, macro trader Rafaela Rigo maintained an extremely bearish stance, telling her followers on X that she still expects ETH to fall as low as 800 dollars during the ongoing bear market, describing it as part of a broader market reset.
ETH Price Outlook Remains Weak
Ethereum’s short term outlook remains under pressure after the asset lost 8 percent over the past week. ETH also dropped to an intraday and six week low below 2,100 dollars during late Tuesday trading.
The decline continued despite positive geopolitical developments in the United States after the Senate advanced legislation that could potentially ease tensions related to the conflict involving Iran.
The next major support zone now sits around 2,000 dollars. Market observers note that a decisive break below this level could trigger another major selloff. Ethereum’s previous low from February 6 was slightly above 1,800 dollars.#crypto#cryptonews https://coinsignals.net https://t.me/coinsignalpublic
