Conflicting signals are surrounding Ethereum as a technical buy indicator appears just as trader sentiment plunges to its most bearish level in three years. Crypto analyst Ali Martinez identified a TD Sequential buy signal on ETH's 12-hour chart near $2,138, suggesting a potential rebound after several days of selling pressure. The indicator’s completed “9” count often signals trend exhaustion and short-term reversals, and the shrinking bearish candles on the chart reinforced the idea of weakening seller momentum. If buyers can defend the critical $2,100 support zone, a recovery toward the $2,180–$2,260 resistance cluster becomes possible.
Meanwhile, on-chain data from CryptoQuant analyst “Darkfost” shows that the Binance taker buy/sell ratio has dropped to 0.91 on the weekly timeframe, a level not seen since September 2023 when ETH was trading around $1,600. Aggressive sell orders now significantly outweigh buying pressure on the futures order book, underscoring extreme negative sentiment. Trader “Daan” observed that Ethereum has returned to the major $2,100 support/resistance level, a zone that has been pivotal for years. He warned that a clean loss of this level could send ETH below $2,000. Another macro trader, Rafaela Rigo, remained ultra-bearish, targeting a drop to $800 as part of a broader market reset.
Ether has shed 8% over the past week, hitting a six-week low just under $2,100 on Tuesday. With sentiment heavily skewed to one side, analysts caution that such positioning could set the stage for a sharp reversal. For now, the battle at $2,100 will likely determine the next major move.
