Ethereum trading sentiment has bottomed out, falling to levels last seen in the depths of the previous bear market.
ETH trader sentiment has just reached its most bearish levels since the 2023 bear market, CryptoQuant analyst “Darkfost” reported on Tuesday. The metric was measured using the buy/sell ratio of Binance subscribers, which has fallen to levels not seen since September 2023, when ETH fell to $1,600.
“This highlights how much trader sentiment towards Ethereum has deteriorated in recent weeks.”
Bearish calls are rising
The weekly ratio dropped to 0.91, meaning sellers dominate Binance futures order books. “In other words, strong sell orders significantly outpace buyers.” He said.
Ether has been trading in a wide range over the past five years, but it remains weak at the lower bounds of that range though Solid fundamentalsIt is not a healthy sign.
“Although it is still difficult to predict these positions accurately, a market that is highly concentrated in one direction can sometimes create the conditions for a sharp move against the consensus.”
ETH has returned to a key support/resistance level “after last month’s chaotic price action,” analyst Dan noted on Wednesday.
“This level, just like $2.8K, has proven to be doable and very important for ETH over the past few years,” he said. Losing this level could take Ethereum back below $2,000 again.
$ Ethereum After last month’s chaotic price action, it is now back to the key support/resistance level of $2.1K.
This level, just like $2.8K, has proven to be doable and extremely important for ETH over the past few years.
Definitely an area to look at closely. Higher bounce and low here… pic.twitter.com/fRlAnmkT7V
— Dan Crypto Trades (@DaanCrypto) May 19, 2026
“Ethereum Retests Uptrend Line Support as Momentum Indicators Continue to Print Weakness” He said Trader Kamaran Asghar.
“The structure is still holding for now, but sellers are gaining pressure. If Ethereum clearly loses this level, a larger move lower could quickly follow.”
Macro trader Rafaela Rigo remained very bearish, He says “I still highly expect ETH to hit $800 during this bear market,” her 164,000X followers wrote, calling for a major market reset.
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ETH price forecast
The outlook isn’t pretty, as Ethereum has lost 8% over the past seven days, falling to an intraday and six-week low just below $2,100 in late trading on Tuesday.
There was no attempt to recover despite positive news from the United States, where the Senate introduced a bill to end the war in Iran.
The next support area is $2,000, and it is painfully obvious what will happen if this level is broken. The previous low on February 6 was just above $1,800.
