ETH trader sentiment has reached its most bearish level since the 2023 bear market, CryptoQuant analyst “Darkfost” reported on Tuesday. The metric, based on Binance’s taker buy/sell ratio, has fallen back to levels not seen since September 2023, when Ether retreated to around $1,600.
“This highlights how much trader sentiment toward Ethereum has deteriorated over recent weeks.”
Bearish Calls Mounting Up
The weekly taker ratio has dropped to 0.91, indicating that sellers now dominate Binance futures order books. “In other words, aggressive sell orders are significantly outweighing buyers,” the analyst said.
Ether has traded within a broad range for the past five years, but it currently sits near the lower bound of that range. That weakness persists despite solid fundamental developments, which is a concerning signal for the market.
“Although these situations remain difficult to anticipate precisely, a market positioned too heavily in one direction can sometimes create the conditions for a sharp move against consensus.”
Analyst Daan noted on Wednesday that ETH had returned to a major support/resistance area following a month of choppy price action. “This level, just like $2.8K, has proven very actionable and important for ETH over the past few years,” he said. A decisive break below this area could push Ether back beneath $2,000.
$ETH After messy price action the past month, it is now back at the major $2.1K support/resistance level.
This level, just like $2.8K, has proven very actionable and important for ETH over the past few years.
Definitely an area to look at closely. A bounce & higher low here… pic.twitter.com/fRlAnmkT7V
— Daan Crypto Trades (@DaanCrypto) May 19, 2026
“Ethereum is retesting its rising trendline support while momentum indicators continue printing weakness,” trader Kamaran Asghar wrote. “The structure is still holding for now, but sellers are gaining pressure. If ETH loses this level cleanly, a bigger move down could follow fast.”
Macro trader Rafaela Rigo expressed an especially bearish outlook to her 164,000 followers, saying, “I am still highly expecting ETH to reach $800 during this bear market,” and calling for a major market reset.
ETH Price Outlook
The near-term outlook appears weak: Ether has fallen about 8% over the past seven days and dropped to an intraday six-week low just below $2,100 during late trading on Tuesday.
There has been little sign of recovery despite positive geopolitical news from the United States, where the Senate advanced a bill that could lead to an end to the conflict in Iran.
The $2,000 area stands as the next significant support zone, and a clean break below it would likely prompt a further sell-off. The previous low from Feb. 6 sits just above $1,800, providing a clear downside target if pressure intensifies.