Ethereum was trading at $1,947 at the time of writing, down 4% over the past 24 hours and sitting near the lower end of its seven-day range. Over the last month, ETH has dropped 35%, and it remains roughly 60% below its August all-time high of $4,946. Daily trading volume came in at $22.5 billion, a 25% decline from the previous session, pointing to thinner market participation near recent lows.
Binance futures flow is no longer as one-sided
A Feb. 27 report from CryptoQuant contributor Darkfost highlighted Ethereum’s Taker Buy/Sell Ratio on Binance. The metric tracks whether aggressive futures orders are being driven more by buyers or sellers. A reading above 1 means market buys are stronger than market sells, while a ratio below 1 shows sellers are pressing harder.
During Ethereum’s earlier advance toward prior highs, the indicator stayed below that balance line. The monthly reading fell to 0.95, while the weekly average slid to 0.92. Price then began to weaken. The source noted that derivatives volume has been hovering near $65 billion, which gives futures positioning a heavy influence on price discovery and can feed weakness into the spot market.
That picture has started to change over the past two weeks. The weekly ratio has hovered around 1.0, and several daily spikes above 1.12 have appeared, showing bursts of aggressive buying. The monthly figure has also improved to around 0.99. ETH has not delivered a clear rebound yet, but the earlier sell-side imbalance has become less severe.
$2,000 is the first hurdle, with $2,200 still defining the trend
On the chart, the broader structure still leans bearish. Since breaking down from the $3,000 to $3,200 area, Ethereum has continued to print lower highs and lower lows. Price is now compressed between roughly $1,950 and $2,000, and no higher high has formed. Unless ETH pushes through the $2,200 to $2,300 zone, the wider downtrend remains intact.
Bollinger Bands expanded sharply during the selloff as price pierced the lower band near $1,850, reflecting a spike in volatility. The bands have started to narrow, which suggests a cooling phase. ETH is still trading below the middle band, currently around $1,980 to $2,000, leaving that area as near-term resistance.
The relative strength index dropped into the 25 to 30 range during the decline and has since recovered to around 40. Momentum has improved from oversold levels, but buyers have not regained full control. Support sits between $1,850 and $1,880. If that zone breaks, the next area to watch is $1,700 to $1,750. On the upside, $2,000 is the first barrier, followed by stronger resistance between $2,120 and $2,200.