Ethereum is trading near $1,950 after a sharp monthly drop, but a key derivatives metric suggests a possible shift in momentum.
At press time, Ethereum sits around $1,947, down about 4% in the past 24 hours. The token is near the lower end of its weekly range between $1,815 and $2,099. Over the past month, ETH has fallen roughly 35% and remains far below its all-time high near $4,946.
Trading activity has slowed. Daily volume came in at about $22.5 billion, down from the previous session. Analysts say traders appear cautious as price moves sideways near recent lows.
One signal drawing attention is the Binance Taker Buy/Sell Ratio. This metric tracks whether aggressive futures traders are mostly buying or selling. When the ratio is above 1, buyers are in control. When it is below 1, sellers dominate.
In recent weeks, the ratio stayed below 1 as ETH trended lower, showing strong sell-side pressure in the futures market. But over the past two weeks, the ratio has moved closer to neutral. There have even been short bursts above 1.1, hinting at renewed buying interest.
Even so, the broader trend still points down. Ethereum has printed lower highs and lower lows since breaking below the $3,000–$3,200 area earlier in the cycle. Analysts say a move above the $2,200–$2,300 range is needed to challenge the current bearish structure.
Support now sits between $1,850 and $1,880. If that level breaks, the next zone to watch is around $1,700. On the upside, $2,000 is the first key barrier, followed by stronger resistance near $2,120 to $2,200.
For now, the buy/sell ratio suggests selling pressure is easing. But until price confirms with a clear breakout, traders expect volatility to remain high.
