Ethereum slides near $2,100 as bearish sentiment hits record low

Ethereum is trading a few dollars above the $2,100 support line, after a 9% drop over the past week that left it stuck between $1,500 and $4,000 [1]. The Binance Taker Buy‑Sell Ratio fell to 0.91 on the weekly chart, the most bearish reading since the 2023 bear market, indicating sellers are out‑pacing buyers [1]. Darkfost of CryptoQuant highlighted this shift, noting that the ratio’s design captures short‑term momentum and now points to aggressive sell orders dominating futures order books [1].

On‑chain data analyst On‑Chain Mind added that Ethereum’s weekly Velocity RSI has plunged into deeply oversold territory, a condition that historically precedes relief rallies and has marked strong dollar‑cost‑averaging opportunities over the past seven years [1]. At the same time, technical indicators show weakening trend strength: the ADX slipped to 20.83, below the 25 threshold that signals a robust trend, while the +DI dropped to 17 and the –DI rose to 26.22, suggesting bearish pressure is gaining ground [3]. The RSI now sits at 46.2, back in neutral range after briefly flirting with overbought levels, underscoring fading bullish momentum [3].

These metrics converge on a market that is both fragile and primed for volatility. With sentiment heavily skewed short, a sudden short‑squeeze could trigger a rapid price swing, but the current oversold RSI also hints at a potential rebound if buying interest resurfaces. Traders are watching key resistance at $2,679; a break above could flip the EMA trend bullish and push ETH toward $2,790, while a failure would likely test support at $2,479 and possibly drive the price toward $2,326 [3].

The real question is whether the confluence of record bearish sentiment, oversold momentum, and tight technical ranges will culminate in a short‑squeeze‑driven rally or deepen the decline toward lower support zones.