Ethereum is heading into the weekend trading near $2,100, down roughly 9% over the past seven days. According to CryptoQuant analyst Darkfost, ETH trader sentiment has hit its most bearish level since the depths of the 2023 bear market. The drop comes amid a broad crypto pullback that has pushed ETH back into a wide $1,500–$4,000 range it has oscillated within for months.
The Binance order book tells the story
On Binance, the largest spot exchange by volume, the ETH Taker Buy Sell Ratio sits at 0.91 on a weekly timeframe. A reading below 1 means sellers are consistently filling more orders than buyers — a sign that aggressive short-side positioning dominates futures order books. The ratio has been sliding for days, tracking the price decline.
Oversold RSI and what it usually means
Ethereum's weekly Velocity RSI has entered deeply oversold territory. The indicator, which measures the speed and magnitude of price changes, has rarely been this low without a snap higher. Past instances over the last seven years have tended to mark optimal Dollar-Cost Averaging entry points, according to historical data. That doesn't guarantee a bounce, but it does suggest selling pressure may be exhausting itself.
The timing isn't great for bulls. The broader macro mood remains cautious, and ETH hasn't held above $3,000 for more than a few days since early 2026. Still, a short squeeze from current levels could send the price back toward $2,400 quickly if momentum shifts.
Darkfost's bearish sentiment reading is backward-looking — it reflects positions already taken. The real question is whether the oversold RSI can tip the balance. If buyers step in near $2,000 support, ETH might carve out a local bottom. If they don't, the $1,500 zone becomes the next credible floor. No one's calling a bottom yet, but the data says one has historically formed near these levels.
