Ether Trader Sentiment Falls to Lowest Level in 3 Years as Bearish Calls Mount

ETH trader sentiment just reached its most bearish level since the 2023 bear market, reported CryptoQuant analyst ‘Darkfost’ on Tuesday. The metric has been measured using the Binance taker buy/sell ratio, which has fallen back to levels not seen since September 2023, when ETH had fallen to $1,600.

Bearish Calls Mounting Up

The weekly ratio has fallen to 0.91, which means sellers are dominating Binance futures order books. “In other words, aggressive sell orders are significantly outweighing buyers,” they said.

Ether has traded in a broad range for the past five years, but it remains weak at the lower bounds of this range despite solid fundamentals, which is not a healthy sign.

Analyst ‘Daan’ observed on Wednesday that ETH had returned to a major support/resistance level “after messy price action the past month.”

“This level, just like $2.8K, has proven very actionable and important for ETH over the past few years,” he said. Losing this level could send Ether back below $2,000 again.

Macro trader Rafaela Rigo remained ultra bearish, telling her 164,000 X followers, “I am still highly expecting ETH to reach $800 during this bear market,” calling for a major market reset.

ETH Price Outlook

The outlook is not pretty with Ether losing 8% over the past seven days, and falling to an intraday and six-week low just below $2,100 in late trading on Tuesday.

There has been no attempt at recovery despite positive news from the United States, as the Senate advanced a bill to potentially end the war in Iran.

$2,000 is the next support zone, and it is painfully obvious what happens if that level breaks. Its previous low on Feb. 6 was just above $1,800.

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