Ethereum trader sentiment has plunged to its most bearish level since the 2023 bear market, according to on-chain data. The cryptocurrency fell to a six-week low near $2,100 as analysts warn that losing key support could trigger a deeper decline toward $2,000 or lower.
Ethereum trading sentiment has deteriorated to levels not seen since September 2023, when ETH was priced near $1,600. CryptoQuant analyst ‘Darkfost’ reported the Binance taker buy/sell ratio has fallen to 0.91.
This indicates aggressive sell orders are significantly outweighing buyers on the platform. Ether remains weak at the lower bounds of its multi-year range despite solid fundamentals.
Analyst ‘Daan’ observed that ETH has returned to a major support and resistance level near $2,100. “This level, just like $2.8K, has proven very actionable and important for ETH over the past few years,” he stated.
Trader Kamaran Asghar noted Ethereum is retesting a rising trendline support while momentum shows weakness. Asghar said “If ETH loses this level cleanly, a bigger move down could follow fast.”
Macro trader Rafaela Rigo expressed an ultra-bearish outlook to her followers. She stated “I am still highly expecting ETH to reach $800 during this bear market.”
Ethereum has lost 8% over the past week, hitting an intraday low below $2,100. The next major support zone is at the psychologically important $2,000 level.
